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Marks & Spencer clothing tipped to fall again

Marks & Spencer is expected to announce its 11th consecutive quarter of declining like-for-like clothing sales on Thursday this week, missing the sales target set when chief executive Marc Bolland started the turnaround.

Analysts are tipping the retailer to reveal a 1% decline in general merchandise sales, which speaks for clothing and footwear, from stores open at least a year, while like-for-like food sales are expected to rise by 0.1%, according to the Financial Times.

Sales for the year to March 14 are expected to reach £10.3bn.

In a three-year strategy launched in November 2010, Bolland set a target of increasing sales from £9.7bn in the 2010-11 financial year to between £11.5bn and £12.5bn in the year to the end of March.

In May 2012, Marks & Spencer scaled back these targets to sales of between £10.8bn and £11.5bn by the end of this financial year, blaming the weakness of the UK economy.

 

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