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M&S chief hints at further store closures

Marks & Spencer chief executive Steve Rowe has said its outlined 100 store closures are “not finite”.

Rowe told the retailer’s AGM this week that M&S’s portfolio of “legacy stores was holding it back” and that it is now “paying the price for not shutting stores 10 or 20 years ago”.

By closing its “old-fashioned” stores, he expected M&S to meet its £350m savings targets.

Nevertheless, he said M&S saw “opportunities for new clothing and stores across the country”.

M&S reported a 9.9% drop in profit before tax and adjusting items for the year to 30 March 2019.

 

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