Pursuits
Marks & Spencer Raises Margin Goal, Easing Bolland Pressure
- Increased forecast provides fillip for CEO amid upheaval
- Second-quarter clothing sales decline more than expected
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Marks & Spencer Group Plc boosted its profitability forecast, providing a fillip for Chief Executive Officer Marc Bolland as he struggles to stem the U.K. retailer’s falling clothing sales.
Gross margin for this financial year will widen by 2 to 2.5 percentage points in the general-merchandise unit, the London-based company said in a statement Wednesday, raising the forecast by 0.5 percentage point. First-half profit beat estimates, even as the clothing division’s revenue fell by more than analysts expected. The shares rose as much as 4.2 percent.