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M&S update

January 7, 2009| By Tim Danaher

Stuart Rose was bullish on the conference call just now and was on good humorous form, although he was quick to firmly rebuff questions he didn’t like, particularly on the pre-Christmas discount days. “Why is it when M&S has two days of promotion they say gosh, horror, when everyone else is on 13 weeks of promotions,” he said, citing Tesco and Debenhams specifically.

Also noteworthy was FD Ian Dyson stressing that today’s announcement was not a profit warning, and repeated digs at Waitrose, claiming M&S took much more than the John Lewis owned grocer in the run up to Christmas despite it being a similar size to the M&S food business.

My favourite quote: “The entire population of Switzerland came into our stores on Tuesday. If they were speaking Swiss I don’t know.”

3 Comments on “M&S update”

  1. #1 Rich Ryan
    on Jan 7th, 2009 at 11:40 am

    I think that Swiss comment is full of holes!

  2. #2 Peela
    on Jan 7th, 2009 at 3:35 pm

    The problem with M&S is that it is an industry bellwether so any slightly bad news from M&S is amplified into almost disaster by the mainstream press and popular media.
    It is the grannies’ and Paxman’s favourite after all.

  3. #3 Tim Danaher
    on Jan 8th, 2009 at 9:26 am

    Thanks to Bjorn from Planet Retail for pointing out that they would be unlikely to have been speaking Swiss, as there is no such language.

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