M&S to Lower Prices on Clothes
Marks & Spencer Group Plc chief Steve Rowe unveiled his plan to rejuvenate the retailer’s moribund clothing business by narrowing its ranges, reducing prices and boosting in-store staffing. The company will reduce styles to de-clutter its stores, cut prices on up to a third of its items by more than 10 percent and dial back promotions, it said in a statement Wednesday after conducting a six-week strategy review. Like-for-like sales in the unit that includes clothing declined 2.9 percent last year, and won’t improve in 2016, while profits will be hurt by investments behind the turnaround plan. The shares fell as much as 7 percent in early London trading. Chief Financial Officer Helen Alison Weir goes through the strategy with Bloomberg's Anna Edwards in London and Manus Cranny in Dubai on "Countdown."