Marks & Spencer boss Marc Bolland slashed sales targets for the next year as he announced the first fall in profits for three years.
- In November 2010, the group set a target to grow revenues between £1.5 billion and £2.5 billion over three years
- This has been cut to £1.1 billion and £1.7 billion
- The company will invest £200 million less in UK stores over the next two years
The glamorous grans remain the key battleground for Marks and Spencer
M&S profits drop is not significant: the real news is their profit prediction u-turn. They don't see consumer confidence returning soon.
M&S announce their first fall in profits in three years. Will the CEO follow the example of Tesco boss Philip Clarke and waive his bonus?