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M&S warns more stores could close and jobs go M&S boss warns more stores could close
(35 minutes later)
Marks and Spencer chairman has warned it could be forced to close more stores as it battles to improve its fortunes. Marks and Spencer has warned it could be forced to close more stores as it battles to improve its fortunes.
Chairman Archie Norman said most of the 100 shop closures announced in May would shut within the next two years. Chairman Archie Norman said the plan to close 100 shops, announced in May, would happen within the next two years.
"I can't tell you it won't be the last," he told shareholders."I can't tell you it won't be the last," he told shareholders.
Chief executive Steve Rowe also warned "more redundancies" were "likely" as the retailer restructures in a turnaround that he has said is "vital" for the retailer's future. Mr Norman - who was parachuted in last year to lead a turnaround of the business - said the size of the company's store portfolio had become "a drag on our performance".
However, he said the vast majority of the staff working in the stores closed so far had been relocated within the business. Marks said in May that it planned to close 100 stores by 2022, in a turnaround that it said was "vital" for the retailer's future.
Marks said in May that it planned to close 100 stores by 2022, affecting a total of 872 employees. At the time, it said 21 of these had already been shut. However, chief executive Steve Rowe said that the vast majority of the staff working in the stores closed so far had been relocated within the business, but he warned this wouldn't always be possible saying "more redundancies" were "likely".
Mr Norman said the size of the company's store portfolio had become "a drag on our performance".
The two M&S bosses were speaking at its annual meeting.The two M&S bosses were speaking at its annual meeting.
It was the first annual meeting for Archie Norman, who was parachuted in last year to lead a turnaround of the business.
Under its plan, M&S wants to move a third of its sales online and plans to have fewer, larger clothing and homeware stores in better locations.Under its plan, M&S wants to move a third of its sales online and plans to have fewer, larger clothing and homeware stores in better locations.
CompetitionCompetition
Marks & Spencer said on Monday it would not provide its usual trading update at the annual meeting.Marks & Spencer said on Monday it would not provide its usual trading update at the annual meeting.
The chain said it was because Mr Norman wanted to take a more long-term view of the embattled business.The chain said it was because Mr Norman wanted to take a more long-term view of the embattled business.
"For me the results in the next two years aren't the most important thing. We are here to deliver a profitable, growing business in five years' time," Mr Norman said at the annual meeting."For me the results in the next two years aren't the most important thing. We are here to deliver a profitable, growing business in five years' time," Mr Norman said at the annual meeting.
"This is probably the biggest turnaround in UK retail." "This is probably the biggest turnaround in UK retail... It's not a quick fix."
He said M&S was facing competition from online retailers as well as discounters such as Aldi, Lidl and Primark.He said M&S was facing competition from online retailers as well as discounters such as Aldi, Lidl and Primark.
BlameBlame
To cut costs and improve its operations, M&S has shut some warehouses in its distribution network.To cut costs and improve its operations, M&S has shut some warehouses in its distribution network.
The retailer has already closed warehouses in Warrington and Neasden, and on Tuesday said the future of its Donnington warehouse was under review.The retailer has already closed warehouses in Warrington and Neasden, and on Tuesday said the future of its Donnington warehouse was under review.
Profits at Marks and Spencer fell by almost two thirds to £176.4m last year following a costly business overhaul.Profits at Marks and Spencer fell by almost two thirds to £176.4m last year following a costly business overhaul.
The retailer said that a decline in clothing sales and higher costs from opening new food stores were partly to blame for the 64% fall.The retailer said that a decline in clothing sales and higher costs from opening new food stores were partly to blame for the 64% fall.