EXTRA: M&S Annual Profit Falls As Costs Of Transformation Plan Hit
May 23, 2018, 17:14
Excluding the restructuring charge, the stores group's adjusted pre-tax profit was down 5.4% to £580.9mln from £613.8mln previous year, weighed by a 140 basis points drop in the food gross margin as a result of a weaker pound pushing up input cost inflation.
That compared with profit after taxation of 117.1 million pounds a year earlier.
And its full-year results released today were sobering enough for the company to say in a statement it was "facing facts" and "accelerat [ing] change". "Accelerated change is the only option", said M&S.
As of the end of March, the retailer had 1,035 United Kingdom stores, made up of 300 clothing, home and food stores, 696 food-only stores and 39 outlets. In addition, M&S reported strong cash generation, even after restructuring costs reduced net debt by 107.2 million pounds, enabling the group to maintain a full year dividend of 18.7p.
Clothing and home revenue fell 1.4% and like-for-like sales decreased 1.9% amid a tough retail market. M&S attributed this decline to the planned removal of two clearance sales and unseasonal trading conditions during the second half of the year.
Rowe said the first phase of M&S's transformation plan - "restoring the basics" - is now well underway, with the actions taken thus far having boosted the "velocity of change".
It is taking an axe to its store estate in the face of continued migration of clothing and home online, the development of global competition, the growth of home delivery in food and the march of the discounters.
The moves are part of a transformation plan created to modernise the business as it looks to improve its systems and recover lost market share among younger shoppers.
"The new organisation will largely be in place by July and the team is now tackling transforming our culture to make M&S a faster, lower cost, more commercial, more digital business".
The company also warned that its website was "too slow", adding it was lagging behind online competitors. "In both businesses we need to revitalise our ranges and reassert our reputation for value for money". M&S has managed to reduce costs by at least 350 million pounds and created a platform for growth.
The suspect was taken to a hospital for treatment of his wound, which did not appear to be life-threatening, Howell said. Lockdown has been lifted at the other schools in the city about 80 miles (130 kilometers) west of Chicago.
The Saudi air defenses intercepted the rocket and its shrapnel landed in residential areas without leading to any injuries. He said that the coalition forces had begun the reconstruction of areas liberated from the Houthi militias.
Options for the EU to protect European companies from negative consequences of the US decision were also needed, Tusk said. The EU and U.S. are friends and partners, therefore USA tariffs can not be justified on the basis of national security'.
Last week, the U.S. sanctioned six people and three companies it said had ties to Iran's elite military force. The EU decision will allow the European companies to ignore the USA sanctions against Tehran.
Due to the heavy increase in price, NBC Universal is reportedly not re-signing its deal to carry WWE's Smackdown . At the time, the company is said to have paid $30 million for rights to the franchise.
The referral will include Israel's past, present and future war crimes and crimes against humanity against the Palestinian people. Malki was accompanied by a police escort and ushered into the ICC where he was met with staffers at the door.
On that note, let's take a look at the 3 unsold players who could have taken Kings XI Punjab to the playoffs without any fuzz. He dismissed Ishan Kishan with another knuckle-ball before having Suryakumar Yadav caught behind with his very next delivery.
The White House then said Monday that Trump chief of staff John Kelly would organize the meeting to review the documents. White House officials also won't participate. "Excuse me, I have the President of South Korea here", he said.
South Korea's presidential Blue House said it would seek to bridge the gap between Washington and Pyongyang. Last week, Trump had said he and Kim would try to make the summit a "very special moment for world peace".
In court documents, Schulte's attorney argued that numerous other people had access to the server and passwords for accessing it. US federal prosecutor Matthew Laroche detailed the investigation during a January 8, 2018 hearing in a NY federal courtroom.