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By Chris Bailey | Wednesday 19 August 2020
Disclosure: I own shares in one or more of the stocks mentioned. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.
Few people can be surprised by yesterday’s update from Marks & Spencer (MKS) that it is cutting a little under a tenth of its workforce. The update may technically have been in-line but the tone was undoubtedly very cautious. In the last 13 weeks reported on, the like-for-like sales in food may have risen by 2.5% (and even better ex-hospitality interests), but the shocking aspect was 40% odd declines in clothing/home offerings even if online was strongly positive…
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