Marks & Spencer’s summer sales have slumped according to figures released. They show a like- for- like drop in food sales of 2.8% while non-food item sales dropped by 6.8%. Kate Bostock, who was in charge of womenswear will be leaving the company by “mutual consent”, the company said. Belinda Earl, former head of Jaeger will take over as the new M&S style director from September 1st.
The slump comes despite advertising with many celebrities including Gary Barlow. However, despite the downturn in figures, M&S boss, Dutchman Marc Bolland’s basic salary rose by 4% last year to £1.7 million and he could take home as much as £6 million including bonuses and long term incentives.
The company said that unseasonal weather had affected sales with the strongest sales in the last few weeks including coats, jackets and tights.
Shares have fallen by around 15% since March giving it a market cap – the total value of all shares – at around £5 billion. The company has more than 700 stores. However, the company are pleased with performances from their international stores which are continuing to make good progress.