RESULTS ‘LIKE A COLD SHOWER’
Tom Stevenson, investment director at Fidelity Personal Investing’s share dealing service, said the results were like a “cold shower”.
“The company is ruthlessly honest about the massive challenge it faces,” he said.
“It is re-inventing itself on no less than nine different fronts, acknowledging that it has a mountain to climb in both clothing and food, that its management has been weak, its website clunky and its stores old-fashioned.”
M&S said capital expenditure expected to be between £300m and £350m before disposals.
Thomas Brereton, retail analyst at GlobalData, said: “While it is still undergoing ‘profound structural change’, following the announcement in May of plans to shutter 100 fullline stores by 2022, its speed of transformation continues to lag behind the speed of change in consumer behaviour.”