Sir Stuart Rose earned some breathing space today, with a trading statement that suggests Marks & Spencer may be weathering the worst of the economic storm.
Although sales in the 13 weeks to 27 September fell 6.1%, this was slightly better than the City expected.
Sir Stuart said he is dealing with "unprecedented" conditions.
"Consumer confidence is fragile and the retail environment unpredictable."
Food sales are down 5.9% while general merchandise fell 6.4%. Full-year profits will tumble from the £1 billion recorded this year, perhaps by half, but Sir Stuart insists today's statement did not amount to a profits warning.
More details at :
http://www.thisislondon.co.uk/standard-business/article-23562885-details/Rose+relief+as+M+S+is+down+but+not+out/article.do
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