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125 years, M&S stores to start selling other brand |
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Some 400 of the best-known big brands will go on to shelves following the success of two small trials. The switch came as the chain unveiled better than expected profits of £298.3million for the six months to September this morning and chief executive Sir Stuart Rose called an end to the downturn. Promotional offers have been key to driving business, with its 'Dine in for two for £10' proving a massive with with 4.5million meals sold over the six months. 'I think we’ve been through the worst of the downturn,' said Sir Stuart. 'We’ve seen some stability coming back in. We’ve started over the last two quarters or so to demonstrate some improved performance. 'This comes from two places: an improvement outside in terms of consumer confidence, which remains fragile, but also a lot of self-help that we have done in putting better products in, better pricing in, better innovation in, and of course tight control of costs and margins. 'The all important seven-to-eight weeks to Christmas is still to come and we have had a reasonable start to the third quarter but it was a very volatile period last year, and there will be lot of competitive activity outside.' Marks and Spencer's shares opened up 5 per cent higher today on the back of the figures. The move to stock other brands comes as M&S tries to be seen as a store to use for a full weekly shop, rather than the occasional source of a few luxury meals. It is also
seen as the prelude to the launch of an internet grocery shopping
operation.
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