M&S PROFIT WARNING: Troubled retailer Marks & Spencer plc warned that pretax profits for the fiscal year ending in March would fall short of analysts’ recent estimates, and instead be in the range of 600 million pounds to 625 million pounds, or $1.13 billion to $1.18 billion, at current exchange. In a trading statement issued Friday, the company blamed end-of-season markdowns and too much leftover stock. During the six weeks to Jan. 1 — the run-up to Christmas — total year-on-year sales dropped 3.7 percent. Clothing dipped 4.9 percent and home dropped 23.3 percent.

WAL-MART NAMES CHIEF OPERATING OFFICER: Wal-Mart Stores Inc. appointed the current president and chief executive officer of its Wal-Mart Mexico division, Eduardo Castro-Wright, as executive vice president and chief operating officer of its domestic Wal-Mart stores unit, effective Feb. 25. Castro-Wright, 49, who has led Wal-Mart Mexico for three years, will report to Michael T. Duke, president and ceo of the Wal-Mart stores division, the company said in a statement Friday. Before joining Wal-Mart Mexico, Castro-Wright was president of Honeywell Transportation and Power Systems Worldwide. He also served as president of Nabisco Asia-Pacific and president of Nabisco in both Mexico and Venezuela. Replacing Castro-Wright at Wal-Mart Mexico on Feb. 25 will be Eduardo Solorzano, 47, the current chief operating officer of the division.

To unlock this article, subscribe to WWD below.

load comments
blog comments powered by Disqus