By  on May 20, 2014

LONDON — Shares of Marks and Spencer Group plc fell 1.1 percent Tuesday after the retailer gave a cautious outlook for the first few months of the current fiscal year.

The British retailer’s shares fell to 4.46 pounds, or $7.50 at current exhange, from 4.51 pounds, or $7.58.

In reporting a 13.8 percent increase in net profits for the year ended March 29, M&S said its relaunched Web site will take four to six months to “settle in,” which will hit sales of general merchandise — including apparel — in the first quarter. But the company said that as a result of its operational improvements it expects to “deliver a significant improvement in our general merchandise gross margin over the next three years, through a combination of a new approach to sourcing and trading capabilities.”

To unlock this article, subscribe to WWD below.

load comments
blog comments powered by Disqus