UK retailer Marks & Spencer (M&S) announced at yesterday’s investor day that it planned to save £250m (€268.6m) a year through an overhaul of its supply chain and IT systems, according to The Financial Times (FT).
It also revealed its intention to take food sales online in the future. However, Tony Shiret, analyst at Credit Suisse, told the FT that the online food sales aspirations were a “bit of a flaky plan at the moment”.
On the international front, M&S said it planned to open more stores in China and India, and would seek a return to continental Europe. It also revealed its intention to work with franchise partners to open stores in countries like Russia.
However, shares in the company dropped 15.5p to 346.9p following the announcements, with investors disappointed about the timeframe for the overhaul and the growth rates indicated, according to the FT.
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