M&S; chairman tells investors there's no quick fix [Reuters]
TESCO PLC S/ADR (TSCDY)
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Source: Reuters
M&S; chairman tells investors there's no quick fix | Reuters Reuters Staff 4 Min Read * Chairman says next two years’ results not most important thing * Aims to deliver profitable, growing business within five years * Company has posted profit fall for two straight years By James Davey LONDON, July 10 (Reuters) - Shareholders in Marks & Spencer should not be overly concerned about its financial results over the next two years because those numbers are not that important to the clothing and food retailer’s future, its new chairman told them on Tuesday. Retail veteran Archie Norman joined M&S; as chairman in September last year and two months later the company detailed its latest attempt at a turnaround after more than a decade of failed reinventions. The plan included a five-year programme of store closures and relocations to cut excess selling space in its clothing business, increased technology investment and moves to make a misfiring food business more competitive. Private investors
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