Bad weather dampens Marks and Spencer's comeback
A mixture of wet weather, security fears and interest-rate hikes have all been blamed for hampering Marks and Spencer's much publicised comeback. At today's trading update, M&S chief executive Stuart Rose is expected to deliver bad news following the soggiest June on UK record. According to The Observer it is estimated that M&S has missed internal sales targets by nearly £20m during the past three months as summer stock remains heavy on the shelves.
Meanwhile, online retailer ASOS has more than doubled its profits in the last year. The Guardian has revealed that the celebrity style website has racked up pre-tax profits of £3.4m in 12 months. "With tougher comparables ahead and the all-important Christmas trading period yet to come, these figures should not be taken as an indication of the outcome for the full year," said Nick Robertson, ASOS chief executive.
Tell us your thoughts. Where would you prefer to shop right now M&S or ASOS?