Marks & Spencer and their blue Christmas
Sales across the whole group were down. Bolland thinks that a warm October and November is to blame for all this, but seeing as M&S have been performing poorly for three and a half years, that sounds like a man scratching his head with one hand and clutching at straws with the other.
The M&S chief noted that he thought there was an "unsatisfactory performance" by the M&S.com warehouse in the run up to the festive period. If you muck up your online sales, that's going to hamper your takings severely, as people have far less patience for the aisles these days.
You may recall that M&S had delays with their home deliveries and even suspended their click-and-collect orders for a period while they tried to cope with Black Friday. Cocking it up in November meant that customers went elsewhere for Christmas.
However, Bolland is coming round to the modern world and said: "I think we should embrace this world and not start fighting it."
It looks bleak for M&S’s international business too. Growth in this area was something of a strategic priority under Bolland. However, there was a reported 5.8% fall in sales. Shops in Russia were losing money, but Bolland has said that the company are not considering pulling out.
Only cost-cutting saved M&S from a profit warning, so they need to pull their fingers out and sharpish.
TOPICS: High Street News