Retail in Asia

In Shops

M&S misses forecasts as knitwear runs out

Marks & Spencer boss Marc Bolland vowed to sort out the supply issues that caused the bellwether UK retailer to run out of best-selling women’s knitwear and footwear lines and miss fourth-quarter sales forecasts.

Shares in the UK’s biggest clothing retailer, which also sells homewares and upmarket foods, fell nearly 3 percent after it said general merchandise sales, spanning clothing, footwear and homewares, at stores open more than a year fell 2.8 percent in the 13 weeks to 31 March.

That figure, covering the company’s fiscal fourth quarter, compared with analysts’ consensus forecast for a rise of 0.2 percent and a third-quarter fall of 1.8 percent.

(Source: CNBC)