The result was an improvement on the 7.1 per cent drop suffered in the third quarter – M&S's wors
t performance in a decade – and well shy of the 7 per cent slump forecast in the City.Meanwhile, Rose, who has faced investor pressure for combining the jobs of chairman and chief executive against corporate governance best practice, denied there was a growing push among shareholders for an independent chairman to be appointed.He got a boost from institutional investor Standard Life, which said yesterday it backed him in his current dual role.
A spokesman for Standard's investment arm, which owns just under 1 per cent of M&S, said: "Standard Life is not calling for a change in role for Stuart Rose but looking to the senior independent directors and the other non-exec directors to make sure the current arrangement works effectively."
Rose pointed to sharper pricing and improved availability for the sales resilience. "The actions that we have taken internally to stem the decline in our business are beginning to have some effect," he said.He highlighted the group's "Dine in" and "Wise buys" food promotions, the success of its new "Portfolio" womenswear range and the ability to attract a younger clientele. M&S said it had attracted nearly 250,000 more customers under the age of 35 in the fourth quarter. Some analysts believe nothing short of a drastic reshaping of the venerable retailer will do as it battles a consumer slowdown and fierce competition, but Rose signalled yesterday that the group did not need a root-and-branch overhaul.
"Maybe people will want to buy things that have a little bit more lasting quality," he said. "Maybe people will eat less, but better. Maybe people will not go down the route of disposable fashion in quite the same way."
Yesterday's sales cheer is not expected to save M&S from a sharp drop in full-year profits – forecast to plunge to £592 million from more than £1 billion the year before.
M&S has suffered badly as cash-strapped consumers have defected to cheaper rivals, affecting its food business in particular. Two dozen underperforming Simply Food outlets are being closed, with the loss of hundreds of jobs. However, promotions such as the "Dine in for £10" offer appear to be helping. Like-for-like food sales eased 3.7 per cent in the period, from a drop of 8.9 per cent the previous quarter.
Source :ausiellofiles.ew.com/2009/03/spoiler-alert-l.html
t performance in a decade – and well shy of the 7 per cent slump forecast in the City.Meanwhile, Rose, who has faced investor pressure for combining the jobs of chairman and chief executive against corporate governance best practice, denied there was a growing push among shareholders for an independent chairman to be appointed.He got a boost from institutional investor Standard Life, which said yesterday it backed him in his current dual role.A spokesman for Standard's investment arm, which owns just under 1 per cent of M&S, said: "Standard Life is not calling for a change in role for Stuart Rose but looking to the senior independent directors and the other non-exec directors to make sure the current arrangement works effectively."
Rose pointed to sharper pricing and improved availability for the sales resilience. "The actions that we have taken internally to stem the decline in our business are beginning to have some effect," he said.He highlighted the group's "Dine in" and "Wise buys" food promotions, the success of its new "Portfolio" womenswear range and the ability to attract a younger clientele. M&S said it had attracted nearly 250,000 more customers under the age of 35 in the fourth quarter. Some analysts believe nothing short of a drastic reshaping of the venerable retailer will do as it battles a consumer slowdown and fierce competition, but Rose signalled yesterday that the group did not need a root-and-branch overhaul.
"Maybe people will want to buy things that have a little bit more lasting quality," he said. "Maybe people will eat less, but better. Maybe people will not go down the route of disposable fashion in quite the same way."
Yesterday's sales cheer is not expected to save M&S from a sharp drop in full-year profits – forecast to plunge to £592 million from more than £1 billion the year before.
M&S has suffered badly as cash-strapped consumers have defected to cheaper rivals, affecting its food business in particular. Two dozen underperforming Simply Food outlets are being closed, with the loss of hundreds of jobs. However, promotions such as the "Dine in for £10" offer appear to be helping. Like-for-like food sales eased 3.7 per cent in the period, from a drop of 8.9 per cent the previous quarter.
Source :ausiellofiles.ew.com/2009/03/spoiler-alert-l.html
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