Marks & Spencer, the ailing UK retailer, is facing more problems. It emerged last week that profits from the company’s food division have fallen drastically. The situation is further compounded by the fact that its clothing division remains seriously depressed.
Profits from the food business have regressed by about 45 per cent over the past four years and there is strong evidence that the company is lagging further behind most of its main rivals.
M&S’s share price fell further last week to a new low of £1.71, a far cry from £6.70 achieved three years ago.
Gravy train grinds to a halt for former head of Tomkins
Corporate excesses featuring corporate jets, apartments, spouse and housekeeper on company payroll have forced the resignation of Greg Hutchings, the head of UK conglomerate Tomkins.
Last week the company drafted in advisers to assess the scale and impact of the improprieties and other irregularities that have taken place. Tomkins’ share price, which has fallen sharply in recent years, retreated further last week.