Shares in Marks & Spencer take a dive on results
Shares in Marks & Spencer have suffered another day of losses as concerns grow that its star-studded clothing relaunch is failing to revive the chain.
The retail giant was down around 3% yesterday, after shedding almost 3% on Monday, as new market share data poured doubt on its clothing turnaround and the City downgraded its prospects.
Chief executive Marc Bolland is attempting to halt eight consecutive quarters of falling general merchandise sales – which span clothing and non-food – with an advertising campaign featuring Dame Helen Mirren and Olympic boxer Nicola Adams.
But figures from researcher Kantar Worldpanel showed M&S's share of the womenswear market fell further in the 24 weeks to the end of August.
The data covers the early days of its new autumn/winter ranges, which began arriving in stores from July but were only formally launched in September.