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Paul Williamson from Deloitte »Just when you thought things couldn't get any worse... Marks & Spencer this morning added to the woes of the Stock Market by delivering a profit warning.
The high street retailer's unexpected announcement only reaffirms that the current economic situation is dire to say the least - and things aren't going to get much better any time soon. As executive chairman Sir Stuart Rose put it: "This is more of a two-year problem than a two-month one".
Shares in the retailer fell back 20% in early trading - proving that no-one is immune to the downturn in the current climate. Other retailers had better watch their backs too - M&S is not just another shop, its fortunes are closely followed as an indicator for the state of the market.
Of particular interest today was the slip in food sales - down 4.5% like for like in the 13 weeks to June 28 - which is taken to indicate hard-up shoppers are shying away from M&S's more expensive food offering and focusing on cheaper alternatives. The recent good fortunes of Morrisons, which has earned itself a reputation for good value fresh food, also indicates that shoppers are changing their habits just now.
All of this is going to heap pressure on Sir Stuart, already hardly a favourite in the City since taking up his new duel role at the top of the organisation. Asked this morning if he felt his position was under threat, he responded by saying that he was an experienced pair of hands which was just what the businesses needed during these testing times. Now where have we heard that before?
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