Marks & Spencer chief executive Steve Rowe has told analysts that the turnaround of its ailing clothing division is a year and a half behind schedule.
At yesterday’s investor update, Rowe confessed the revamp had been delayed by 18 months. In July, clothing boss Jill Macdonald was ousted after buying mistakes led to a shortage of its popular new range of denim, worn by TV presenter Holly Willoughby.
Rowe also revealed M&S’s plans to offer a “buy now, pay later” option. Although a provider is yet to be agreed, the retailer hopes that offering customers the option to pay in instalments will boost trade.
M&S was officially relegated from the FTSE 100 last month. The relegation is the first time that M&S has lost its FTSE position since the index’s creation in 1984.