Retail giant says savings from 拢600m programme will not lead to reduction in scope
Marks & Spencer has sliced 拢100m of its planned 拢600m store refurbishment programme.
In a trading update to the City today, the high street giant said it had now tested a series of pilot stores and would now proceed with the roll out of its refurbishment programme between now and the middle of next year.
The firm said: 鈥淭he pilot stores in the UK are performing well and customers have responded favourably to the improvements.
鈥淗aving thoroughly tested the new concepts, and by focusing on strong management of capital investment, we now plan to roll it out to the remainder of our estate, with no reduction in scope, for 拢100m less than the previous guidance of 拢600m.
鈥淥ur target completion date for the roll-out by mid 2013 remains unchanged.鈥�
The announcement came as the firm said it was confident of delivering 2011/12 profits 鈥渋n line with expectations鈥�, with UK sales up by 1.2% in the 13 weeks to 31 March 2012.
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