M&S shareholders shouldn't be too concerned about its financial results in the next two years as those numbers aren't that important to the clothing and food retailer's future, its new chairman told them on Tuesday.
M&S had some good news Wednesday as it reported more customers, higher e-sales and improved Clothing & Home margins. But all other figures were poor as it spent heavily to force through the change it desperately needs.
M&S has added experienced non-exec directors to its board as it prepares to deliver its latest results, with more store closures expected and potential demotion from the FTSE100 if its share price falls further.
M&S has announced the next step in its ongoing revamp plan with marketing head and board member Patrick Bousquet-Chavanne set to go. The executive director of customer, marketing and M&S.com will step down next month.
M&S said on Monday it was shaking-up its clothing & home leadership team, with Queralt Ferrer, its womenswear & lingerie design director, and Belinda Earl, its style director, both stepping down from their roles.
M&S will focus more on digital sales, speed up store closures and invest in key clothing areas that are its strongest categories it said as it reported a mixed bag of results but hailed the progress it was making.