gamesinvestor
23 May 2018
Re: Todays Presentation "if they can't turn things around sell to the highest bidder!"Sounds plausible -- Archie could offload it or dress it up as a merger with some outfit.Games
Genemachine
23 May 2018
Todays Presentation Professional ,focussed and recognition of need for change in all areas. New team established to give greater accountability and recognition of weaknesses.Archie Norman...iron fist in velvet glove.Steve Rowe....touch of the"Barrow Boy " but knows what needs to be doneThis team are the most professioinal I have seen in the last decade and if they can't turn things around sell to the highest bidder!
II Editor
23 May 2018
NEW ARTICLE: Dividend king M&S rallies on major overhaul "LSE:MKS:Marks and Spencer has admitted defeat on its recent strategy and the proposed revamp of a business whose brand may yet become its saving grace has been well received by investors in early trade.An overhaul of the entire business is ..."[link]
schwee
23 May 2018
Re: Clothing and Home Time to merge with SBRY .
Lupo di mare
23 May 2018
Clothing and Home Why?I mean, there are reasons that they're not lumped in with food, but they're so different to each other. Ok, distribution facilities could be common.I would love to see a breakdown of revenue and profit for each section. Could be that they're each contributing well to the whole - I'd just like to see how they each contribute.Other than that, SR has done well with International; they maybe need to give up on going alone on Food; no guarantees on divi looking ahead, but then if top brass remain in place, so might divi; do the Directors actually get out and about to the stores - in detail?Have a nice day, folks.
terribletim
23 May 2018
Sold Out with 12% profit....good luck guys but It’s going to be a long haul
Lupo di mare
23 May 2018
Re: no half measures I try very hard to ignore those shopper interviews, they're so obviously edited to suit the programme's theme.
IOMINVESTCOM
23 May 2018
M&S Facing facts LONDON (Alliance News) - Venerable UK retailer Marks & Spencer said on Wednesday that profit slumped in its recently ended financial year, as it works to rectify "a number of structural issues" at the company.Revenue rose 0.7% to GBP10.70 billion for the year to March 31, up from GBP10.62 billion last year, but pretax profit dropped 62% to GBP66.8 million from GBP176.4 million.One-off costs came in at GBP514.1 million for the year, up from GBP437.4 million last year. This includes GBP321.1 million related to the UK store estate, up from GBP51.6 million the year before - as it accelerated its "transformation plans" - with a GBP15.5 million cost related to its IT restructure.Adjusted pretax profit still fell 5.4% to GBP580.9 million, hit by a decrease in its Food gross margin, which fell "more than expected" by 140 basis points during the year.Food revenue grew 3.9% - though like-for-like revenue slipped just 0.3% - while Clothing & Home revenue fell 1.4% and was down 1.9% on a like-for-like basis. Clothing & Home gross margin was up 50 basis points year-on-year, in line with expectations, and full-price sales steady.UK costs were up 1.8% in the period due to costs relating to new space, inflation and channel shift. This was partially offset by efficiencies and lower incentive costs."There are a number of structural issues to address and we are taking steps towards fixing these. The new organisation will largely be in place by July and the team is now tackling transforming our culture to make M&S a faster, lower cost, more commercial, more digital business," said Chief Executive Steve Rowe.The food, clothing and homewares retailer maintained its full-year dividend at 18.7 pence.M&S said that although online sales are growing, its online capability is "behind the best of our competitors and our website is too slow".Under a section of its statement titled "Facing Facts", the retailer continued: "Our fulfilment centre at Castle Donington has struggled to cope with peak demand and some of our systems are dated. In both businesses we need to revitalise our ranges and reassert our reputation for value for money."Looking ahead for its recently-commenced year, M&S said it expects Clothing & Home gross margin to be flat to up to 50 basis points higher, "with the first half of the year adversely affected by currency and sale timing". Food gross margin is expected to decrease by as much as 50 basis points.UK costs are set to decrease by up to 1%, while capital expenditure is expected to total between GBP350 million to GBP400 million.Investor reacted well to the company's reality check. The stock was up 5.4% at the London open.
gamesinvestor
23 May 2018
Re: no half measures "It's good to see someone at the helm who accepts that M&S have lost the plot"Rowe has been there a good while now -- granted Archie is new, but yes he's facing up to reality I guess.Rowe was on ITV this morning and it kept drifting away during the interview to ask high st shoppers about there views.It ranged from - lovely place to visit but I just can't afford the stuff, to the clothes looks so dated I only buy the school uniforms.Long way to go yet it seems.It's all about the divi for a while yet I think, and that's hopefully sustainable.Games
axolotl
23 May 2018
no half measures It's good to see someone at the helm who accepts that M&S have lost the plot and is setting out on a radical restructuring. It will be a long haul and there will be a lot of blood on the floor for the next few years (not just for M&S but the rest of the high street too) but this is no time for faint hearts.
gamesinvestor
23 May 2018
An old comment.... I recall old LK's comment at the time I made my ill fated entry into M&S stock :-"M&S's best days are behind it"A rather glib statement and one often used off the cuff, but perhaps he was spot on.Come on Archie sell the business m8.Games
gamesinvestor
23 May 2018
Restructuring or retrenchment? Looks like one dressed up as the other :-[link] a reality behind decline and it's very expensive to manage it.Will I ever see my 360-370 entry price again I wonder?Will their online business be able to compete -- Tesco just admitted defeat - very different business granted, but isn't the online clothing business getting more competitive, of course it is.These are worrying times -- the cash flow also dropped 12.6% which is understandable as the revenue continues to decline -- revenue is likely to be hit more over the next few years as they reduce footprint in stores -- understandably of course - can they increase profits - I dunno ?Games
Gooffy
22 May 2018
Archie Do not doubt this manAsda , ITV just look at share price when he joined and when he left.Might go down but he is getting on with it, directorate changes store closures, speak volumes.
gamesinvestor
22 May 2018
Re: Store closures agreed, it seems an astonishing thing to say -- suggesting an existential element is very worrying, but maybe that's the truth we are facing with M&S.I underestimated the trouble they were in when I somewhat nonchalantly added it to my portfolio 4 times at the 360 to 370 price range.A mistake -- one that I won't repeat as I no longer own anymore low margin retailers like supermarkets.In retail I have Card Factory, which is not immune to it's own problems but the operating margins are worlds apart from the likes of Tesco and M&S.Oh I almost forgot I bought some Greggs when it tanked - but this is more of a punt awaiting a bounce rather than a long term hold.Games
Lupo di mare
22 May 2018
Re: Store closures Definitely an improvement, NB.I ask myself if he's still got what it takes when he comes out with that.
