Andrea Felsted, Columnist

M&S Takes Its Medicine

Norman and Rowe are doing the right things, but the problems run deep.

May 23, 2018 at 9:13 AM UTC

Andrea Felsted is a Bloomberg Opinion columnist covering consumer goods and the retail industry. Previously, she was a reporter for the Financial Times.

Stormy weather for M&S.
Photographer: Simon Dawson/Bloomberg

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Archie Norman, the famed turnaround specialist who is now chairman of Marks & Spencer Group Plc, is hoping for a textbook transformation of Britain’s biggest clothing store by value.

He is certainly reading from the classic first page: On Wednesday the company announced 514 million pounds ($688 million) of one-time charges, more than halving pre-tax profit in the year to March 31.