Marks & Spencer is set to reveal its weakest trading performance in three years tomorrow (Tuesday), with clothing expected to be one of its worst hit areas.
Non-food sales, which includes clothing, are expected to plummet 7%. Overall sales are predicted to dip 3% in its first quarter with growth in its food business expected to offset the plunge.
One of the worst hit areas is expected to be womenswear, where the retailer is thought to be losing market share against its competitors. The wet weather will have exacerbated the plunge in the category.
M&S is now worth £5.1bn against Next’s £5.3bn.
Pressure is building on chief executive Marc Bolland with shareholder advisory group PIRC advising investors to abstain from voting in support of M&S’s remuneration report at its Annual General Meeting tomorrow (Tuesday).
Shareholders are also likely to want clarity on executive director, general merchandise Kate Bostock’s position. Speculation has been rife that the fashion boss is to depart M&S.