(1) M&S in Credit Crunch Crisis(2) Not Just Any Crisis, This Is an M&S Food Crisis ; (1) Shares Plunge 22 Per Cent After Retail Giant's Dire Warning to City(2) Food Boss Resigns As Customers 'Hurting' Over Expensive Products

Evening Standard - London › July 02, 2008

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Summary

SALES at Marks & Spencer have slumped five per cent, the company said today. The high street giant this morning issued a dire warning to the City that sent its shares plunging by 68p to 250p a fall of 22 per cent. The retailer, which trades on its high quality but expensive food, has been badly hit by the credit crunch which means customers have less to spend. The company said its head of food Steven Esom, recruited from Waitrose last year, has quit in a management reshuffle.

In a statement to shareholders, M& S said: "Consumer confidence levels have deteriorated markedly and market conditions have become more challenging." Chairman Sir Stuart Rose admitted that trading conditions are the worst since the early Nineties. "Our customers are hurting," he said. "Their pockets are being squeezed." Sir Stuart said he has never Not just any crisis, this is an M&S food crisis witnessed "such a sharp and continuous slowdown" in his entire career in retailing.

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(1) M&S in Credit Crunch Crisis(2) Not Just Any Crisis, This Is an M&S Food Crisis ; (1) Shares Plunge 22 Per Cent After Retail Giant's Dire Warning to City(2) Food Boss Resigns As Customers 'Hurting' Over Expensive Products

He added: "It's a bit like being on a motorway. You are going too fast and you suddenly realise someone has dabbed the brakes on." It is a remarkable fall...

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