UK: M&S Optimistic About A Recovery
Troubled high street retailer, Marks and Spencer, was today optimistic about a recovery despite its shares falling to a ten-year low. Shares in the top retailer crashed to a ten-year low yesterday after the US investment bank Credit Suisse First Boston downgraded earnings expectation for the current year to just £460 million. But an M&S spokesman told just-style.com that the market was expected to improve following a number of changes. The spokesman said: "We have a number of measures in place which will help turn the business around. "Our new concept stores have shown positive returns and because of this, we will be opening more before Christmas. "We've also reviewed our supply chain and made improvements. We've always said that the recovery would be a long-term one. We are not looking for quick fixes, we are looking for sustainable growth." The concept stores sell products and goods by lifestyle according to their locations.
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