With the business news so dominated by the latest twists and turns in the Greek debt crisis, there is little room for consumer goods and retail news in the papers this morning.
Marks & Spencer’s Q1 results tomorrow get some space, with the retailer expected to unveil disappointing general merchandise sales ahead of its annual shareholder meeting. It is expected to report a slide in like-for-like sales in its vital general merchandise division, which includes clothing, of around 1pc for the past quarter after weak demand for its Spring/Summer clothing. (The Telegraph)
It’s not all bad news for M&S though, with food and drink sales still defying the sector-wide downturn and expected to rise by 0.3%. (The Times £)
M&S and Sainsbury’s face protests from shareholders and campaigners this week over high executive rewards and low pay for staff. Shareholders advisory group Pirc and proxy voting agency Manifest have both raised concerns about excessive pay for Mike Coupe, the chief executive of Sainsbury’s, and a share award for Justin King, his predecessor. (The Guardian)
It’s not just in the UK that M&S is facing problems. French unions have launched two strikes at M&S in Paris in nine days calling for a 7%. They say 43 per cent of staff at its 11 French shops only receive France’s minimum wage of €9.61 (£6.83) an hour. (The Daily Mail)
A column in The Observer yesterday predicted Sainsbury’s is in line for “a badgering, a booting and a living wage row” as conservationists, Bristol Rovers – and shareholders with concerns over how much Justin King will walk away with – are lining up to attack. (The Guardian)
Premier Foods, the country’s largest food manufacturer, has opened a new production line at its factory in Carlton, near Barnsley, South Yorkshire, which will more than double the production capacity of Mr Kipling, its top-selling brand. (The Times £)
Big-box retailers from Carpetright to Ikea are turning to smaller convenience units on the high street (The Financial Times £)
No comments yet