Here is a post from another place? If it is true then it makes disturbing news for the whole retail sector.

pauldawlish - 07 Feb'03 - 09:26 - 43 of 48


Bad news guys

Would you believe it! After posting yesterday, I learn last night that MKS is cutting staff hours until the full results are announced. It is awful news. The reason is due to worries about the full year profits not reaching expectations. Cutting staff hours will boost profits.

I sold my whole holding this morning..... little nuggets like this will get me a car sooner rather than later.

I'll buy back in after the dust settles.

I had the impression this was happening right now to a large extent


ains

Yes you could be right. I actually like M&S clothing even in the darker days.

M&S are doing it in theory, but not yet 100% in practice! They still need to make some major changes in the way they work. They're heading in the right direction, still too slow. They can't replace things quickly as too much of the things they sell are produced overseas, especially in the Far East. Reaction times just aren't fast enough because of this. Ironically they need to move production back to the UK - but it is too expensive to do this, as most of the industry is dead..........

Sounds like they are in a dilemma then, if they can not justify moving production to UK against profits maybe they should just stick to food before the clothing side of things brings them totally down. Nothing like a good challenge though!

15:14

(REUTERS) RESEARCH ALERT-Dresdner cuts M&S to "sell"

RESEARCH ALERT-Dresdner cuts M&S to "sell"
LONDON, March 18 (Reuters) -
Investment bank Dresdner Kleinwort Wasserstein said on Tuesday it had cut its rating on UK department store
chain Marks & Spencer to "sell" from "hold"
and lowered its price target to 260 pence per share from 310p.

*** end of story ***

LONDON, May 20 (Reuters)

Leading clothing retailer Marks & Spencer lost two percent. Full year profits topped forecasts but were outweighed by concerns about slowing consumer spending and a bigger-than-expected pension deficit.