08:56 22 May 2013
Marks and Spencer has reported a 14per cent fall in their annual profits. Earning £658million last year, the numbers are down to £564.3million this year. Sales of general merchandise, which includes clothing, is down by 4.1per cent for the year.
This is the firm’s lowest reported profit for the past four years.
M&S’ clothing division has been supposedly struggling for at least the last four years. The economic condition has been one factor in lessening the buying power of clients generally.
M&S’ effort to improve sales included hiring former Debenhams executive Belinda Earl as head of style.
The company has launched a new autumn/winter clothing collection which it hopes will win back old customers and attract new ones.
Chief executive Marc Bolland admits that something needs to be done. He said: "We won't duck the fact that we feel we have underperformed in general merchandise.”
Adding: "We have to improve on quality.”
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