Retail Week, today
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.”