Jim Armitage: It's too early to ask for money back on Steve Rowe at M&S

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From the doom-laden reactions of some retail experts earlier, you’d have thought M&S’s new chief executive should be taken straight back for a refund.

Steve Rowe’s first three months, they said, showed his reign was disappointing, wrong-headed and destined for failure. 

Well, hold on a minute.

True, the figures weren’t great. But 5% of the 8.9% clothing and home sales decline was due to Rowe’s strategy of cutting prices and delaying the seasonal sale until two days ago. 

We won’t know for a long time if his policy of bringing everyday M&S prices down to Next’s levels translates into a stronger business. 

The hope is that more people will buy more stuff.

Over the quarter, M&S did sell about 25% more items than a year ago. Given Brexit and the weather, that doesn’t look quite so bad, after all.

Source Article from http://www.standard.co.uk/business/jim-armitage-it-s-too-early-to-ask-for-money-back-on-steve-rowe-at-ms-a3290456.html

July 7, 2016 |
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