After a sustained period of recovery, Marks & Spencer is expected to reveal a slowdown in trading tomorrow, blaming the damaging impact of nearly two months of appalling weather in the UK.
Its leading position in both the clothing and food arenas is a double whammy for M&S, as they are two of the hardest hit retail sectors by the wettest June since Met Office records began. Interest rate rises and security fears are also adding to the high street woes.
Analysts expect that M&S will reveal a one per cent rise in underlying sales, a significant retreat from the 3.8 per cent registered last quarter.
M&S shares have slumped 16 per cent in the last seven weeks as the City has become increasingly concerned about the impact of the weather.
The chain’s chief executive Stuart Rose may regret his statement last November that “weather is for wimps”.
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