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Thursday 2nd July 2009
While Sir Stuart Rose, the chief executive and executive chairman of Marks & Spencer, has been targeted by investors with regards to his overall control of the group today he finally received some good news with details of an increase in recent sales reported. The 13 weeks to 27th June saw a 1.4% increase in like-for-like sales which is a significant increase on the 4.2% reduction in the previous quarter. While 0.7% of the like-for-like sales increase was attributed to the UK weather and a late Easter there are still interesting and encouraging signs of improvement on the high street.
The role of Sir Stuart Rose within Marks & Spencer has been under significant scrutiny over the last few weeks with investors concerned that he is both chairman and chief executive. While there are plans to bring in a new chairman by July 2011 many investors are calling for this move to be brought forward by 12 months. At this moment in time there seems little chance of Marks & Spencer changing its succession timeline although further investor pressure could yield more changes over the coming months.
Despite being the saviour of Marks & Spencer, joining when the group was in substantial trouble, his relationship with institutional and individual investors has worsened somewhat over the last 12 months. |
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