Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Marks & Spencer Group plc    MKS   GB0031274896

MARKS & SPENCER GROUP PLC

(MKS)
  Report
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsPress ReleasesOfficial PublicationsSector newsMarketScreener StrategiesAnalyst Recommendations

Britain's M&S to cut 7,000 jobs in latest blow to retail sector

08/18/2020 | 05:20am EST
A Marks and Spencer (M&S) interior store is pictured in Cheshire

Marks & Spencer will cut a further 7,000 jobs, it said on Tuesday, as the COVID-19 crisis deals another blow to Britain's beleaguered retail sector.

"It is clear that there has been a material shift in trade and whilst it is too early to predict with precision where a new post-COVID sales mix will settle, we must act now to reflect this change," M&S said.

Clothing and home trading in its stores remained well below last year though online and home delivery were strong, said the retailer, which has a UK workforce of about 78,000.

The 136-year old M&S is seeking to reinvent itself after decades of failed attempts. In May it said the crisis would indelibly change its business and that it would accelerate its turnaround plan.

M&S said the crisis had shown it could work more flexibly and productively with more employees multi-tasking and switching between the food and clothing and home divisions. Its use of technology has also increased.

Last month M&S shed 950 store management jobs. Its latest cuts will impact its headquarters, regional management and UK stores over the next three months.

The cuts add to thousands already announced by other major British retailers, including Boots, John Lewis [JLPLC.UL], Dixons Carphone and WH Smith.

M&S expects a significant proportion of its cuts to be through voluntary departures and early retirement. Shopworkers' trade union Usdaw called for urgent talks.

"These proposals are an important step in becoming a leaner, faster business set up to serve changing customer needs," CEO Steve Rowe said.

M&S shares were down 2.8% at 0818 GMT, extending 2020 losses to 48%.

The firm said it was retaining a cautious approach to planning for the balance of the year.

Group sales were down 19.2% year on year in the 19 weeks to Aug. 8, which included part of Britain's lockdown period, with clothing and home sales down 49.1% and food sales down 1.1%.

Clothing and home sales were down 29.9% in the eight weeks since stores reopened. Store sales were down 47.9%, while online sales were up 39.2%.

Food stores, which traded throughout the lockdown period, saw sales increase 2.5% in the latest eight weeks.

M&S said it was on track to launch an online food service next month through its partnership with Ocado.

By James Davey


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
DIXONS CARPHONE 0.34% 118.9 Delayed Quote.3.11%
FLAGSTAR BANCORP, INC. 0.74% 44.71 Delayed Quote.9.69%
MARKS & SPENCER GROUP PLC 1.09% 139.6 Delayed Quote.2.42%
OCADO GROUP PLC -2.75% 2513 Delayed Quote.9.88%
REGIONAL MANAGEMENT CORP. -1.68% 31.61 Delayed Quote.5.86%
WALGREENS BOOTS ALLIANCE, INC. -0.81% 48.92 Delayed Quote.23.67%
WH SMITH PLC -3.17% 1590 Delayed Quote.5.30%
All news about MARKS & SPENCER GROUP PLC
06:16aMARKS & SPENCER : M&s food to bolster the government's £15 free school meals vou..
PU
01/15MARKS & SPENCER : Jaeger's 63 UK stores to permanently close after M&S deal
RE
01/15FACTBOX-How did UK retailers fare over coronavirus-hit Christmas?
RE
01/11Britain's M&S buys Jaeger brand
RE
01/11MARKS & SPENCER : Ocado warns customers of shortages as staff absences mount
AQ
01/11MARKS & SPENCER : Halts Shipment Of Products To Northern Ireland
MT
01/08M&S clothing sales cut by British lockdown measures
RE
01/08MARKS & SPENCER : Percy Pig faces tariffs going to EU markets, UK's M&S warns
RE
01/08UK shares edge higher on bets of economic recovery; Barratt surges
RE
01/08Sterling rises against weakening euro, gains seen as temporary
RE
More news
Financials
Sales 2021 8 987 M 12 209 M 12 209 M
Net income 2021 81,1 M 110 M 110 M
Net Debt 2021 4 014 M 5 453 M 5 453 M
P/E ratio 2021 38,7x
Yield 2021 0,58%
Capitalization 2 729 M 3 709 M 3 708 M
EV / Sales 2021 0,75x
EV / Sales 2022 0,64x
Nbr of Employees 75 505
Free-Float 99,5%
Chart MARKS & SPENCER GROUP PLC
Duration : Period :
Marks & Spencer Group plc Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends MARKS & SPENCER GROUP PLC
Short TermMid-TermLong Term
TrendsNeutralBullishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 23
Average target price 143,60 GBX
Last Close Price 139,60 GBX
Spread / Highest target 28,9%
Spread / Average Target 2,87%
Spread / Lowest Target -14,0%
EPS Revisions
Managers and Directors
NameTitle
Steve Rowe Chief Executive Officer & Executive Director
Archie J. Norman Chairman
Eoin Philip Tonge Chief Financial Officer & Director
Carl Dawson Director-Information Technology
Andrew Nigel Halford Senior Independent Non-Executive Director
Sector and Competitors
1st jan.Capitalization (M$)
MARKS & SPENCER GROUP PLC2.42%3 709
TRACTOR SUPPLY COMPANY11.28%18 346
NEXT PLC13.15%13 898
JARIR MARKETING COMPANY0.69%5 585
DUFRY AG-5.97%4 714
RENT-A-CENTER, INC.27.55%2 566