 is set to announce further store closures, amid falling food and clothing profits. The British retailer already announced the closure of 20 stores, putting around 900 jobs at risk.){kind=link}
Marks & Spencer (LON:MKS) is set to announce further store closures, amid falling food and clothing profits.
The British retailer already announced the closure of 20 stores, putting around 900 jobs at risk.
However, chief executive Steve Rowe has announced plans to close a further 100 stores, ahead of the group’s annual results on Wednesday.
According to analysts expectations, Marks & Spencer is to post pre-tax profits of £573 million, a fall from £614 million reported in 2017.
Clothing and home like-for-like sales are expected to be down 1.1 percent.
As part of a company restructuring plan, M&S is expected to cut down store space allocated to clothing, a part of the business that has continued to struggle in recent years.
Earlier this year, M&S announced its intention to sell its Hong Kong and Macau stores, as it looks to re-shape its business both in the UK and internationally.
The retailer also revealed plans to shut 53 loss-making international stores in 10 different countries including China, Belgium and Hungary, with closure affecting 2,100 jobs.
At the time of the announcement back in January, Chief executive, Steve Rowe, said: “This is not about cutting jobs, it’s about making sure we’ve got the right estate for future shopping habits.”
“These are tough decisions, but vital to building a future M&S that is simpler, more relevant, multichannel and focused on delivering sustainable returns,”
Mr Rowe joined Marks & Spencer as Chief Executive back in April 2016, having spent the majority of his career at the retailer.
Shares in M&S are currently trading up 2.09 percent as of 10.48 AM (GMT).