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Bolland expected to revise down M&S growth target

Marks & Spencer chief executive Marc Bolland is expected to admit his plan to add £3bn of sales in three years was too ambitious.

The Daily Mail reported that his target, revealed in his first presentation as chief executive 18 months ago, is unlikely to be met.

Bolland hoped to increase sales from £9.7bn in April 2011 to £11.5bn-£12.5bn in 2014.

M&S is expected to reveal a £200m uptick in sales to £10bn as a result of depressed consumer spending when the retailer reports full-year performance later this month. Bolland’s plan was to add £1bn each in sales to the retailer’s UK stores, online and international division.

Profits are expected to have fallen 4% to £685m and may be exceeded by Sainsbury’s for the first time in 11 years.

Bolland is likely to update on the retailer’s progress in finding new stores in France as well as refurbishments in the UK.

 

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