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BULLETIN: M&S Ratings Unaffected by Poor Fourth-Quarter Trading Result and Profit Warning Jan 05
Standard & Poors, Jan 2005
Abstract
LONDON (Standard & Poor's) Jan. 7, 2005--Standard & Poor's Ratings Services said today that its ratings and outlook on Marks & Spencer PLC (M&S; BBB/Stable/A-2) are unaffected by the group's announcement of a disappointing trading result for the crucial Christmas quarter and a related profit warning. The downward revision in profit before tax forecasts to between -600 million and -625 million ($1.15 billion) for financial 2005 comes as the group's new management undertakes a fundamental change in its supply chain while implementing various new retailing initiatives in the wake of fierce competition from discount-oriented and mass-market apparel retailers. Nevertheless, Standard & Poor's expects M&S to show signs of improvement in its operating profitability over the next six to 12 months....
Companies mentioned in this report are: Marks & Spencer PLC
Action: Bulletin
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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