Marks & Spencer’s turnaround still failing as profit falls 10%
M&S set out its latest turnaround plan, which followed a decade of failed reinventions, shortly after Archie Norman joined as chair in 2017
London — Britain’s Marks & Spencer reported a 10% fall in full-year profit, a third consecutive decline, showing the pain of its latest attempt at a multiyear turnaround, but said it was judging itself as much by the pace of change as by financial results. Despite the profit fall, M&S said on Wednesday its “transformation plan” was on track and that it would accelerate change in the 2019/2020 year. M&S set out on its latest turnaround plan, which follows a decade of failed reinventions, shortly after retail veteran Archie Norman joined as chair in 2017 to work alongside Steve Rowe, who became CEO in 2016 and has been with the company for almost three decades. The 135-year-old group said in May 2018 it was targeting sustainable, profitable growth in three to five years by closing weaker stores, reshaping its clothing and food businesses, cutting costs and overhauling technology. "At this stage we are judging ourselves as much by the pace of change as by the trading outcomes," said Ro...
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