M&S to slash prices on springwear
Marks & Spencer has moved to take on its high street rivals by slashing the price of key items in its springwear collection, it confirmed today.
The high street giant said it had begun introducing new cheaper products in line with a strategy outlined last year by boss Stuart Rose.
But a spokeswoman rejected reports the lower prices were part of a widespread price-cutting campaign, saying: “This is not exactly price discounting, It’s our new lower-entry price points.”
M&S embarked on the strategy in the last couple of weeks, bringing down the prices of basic items such as t-shirts, jeans and trousers.
The spokeswoman said the new prices were in line with Mr Rose’s announcement at the time of the group’s half-year results in November, when he spoke of the need to refocus on the customer.
“This is about us returning to our roots and giving our customers greater quality and best value,” she added.
M&S dramatically slashed its forecasts for annual profits last month after it was forced to make deep price cuts to clear excess Christmas stock.
It said at the time that like-for-like sales in the six weeks to January 1 were 5.6% lower than the previous year, with clothing and homewares down 8.5% and food 1.7% worse off.
It heaped further pressure on Mr Rose, who led the defence of M&S against a takeover by Philip Green last year on a promise to revive the fortunes of the high street icon.
