Marks and Spencer revealed yesterday it had suffered a big fall in annual profits following a costly store closure plan- falling by almost two-thirds to £66.8m as sales of food, clothing and homeware fell.
On Tuesday the retailer said it plans to close 100 shops by 2022, accelerating an overhaul that it says is “vital” for its future.
The expense of closing stores and revamping the business cost M&S £321m in the 12 months to March.
Behind the scenes there is much change afoot with new CFO Humphrey Singer, formerly group FD of Dixons Carphone, getting his feet under the desk following the departure of Helen Weir.
There is much to do in term of rebuilding the iconic brand in the face of stiff competition- especially online- but previous roles that also including finance positions at Cadbury Schweppes and Coca-Cola Enterprises UK will stand him in good stead to innovate at M&S.
In the meantime, we wish Helen Weir well in the portfolio career she is embarking on.
