LONDON - Marks & Spencer had a 6.1 percent drop in same store sales in the U.K. in the quarter ending Sept. 27. The company’s general merchandise same store sales, which include clothing, also fell 6.4 percent, while same store food sales fell 5.9 percent.
“Consumer confidence remains fragile and the retail environment unpredictable,” said Stuart Rose, chairman of M&S, Thursday. “Consumers are increasingly cautious about their budgets.” Rose said that the company is now taking “a more promotional stance,” and will also lower its capital expenditure for the current financial year, from an expected 900 million pounds, or $1.5 billion, to around 700 million pounds, or $1.2 billion. For the 2009 financial year, Rose said the company expects to spend about 400 million pounds, or $706 million.
Hermès is launching a Laundromat pop-up shop in NYC - dubbed Hermèsmatic - where customers can bring their old scarves to be dip-dyed by an expert. Get all the details on WWD.com. #wwdnews (📷: @donstahl)