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BULLETIN: M&S Ratings Unaffected By Significant Sales Decline In Clothing Division Jul 05
Standard & Poors, July 2005
Abstract
LONDON (Standard & Poor's) July 13, 2005--Standard & Poor's Ratings Services said today that its ratings and outlook on U.K.-based retailer Marks & Spencer PLC (M&S; BBB/Stable/A-2) are unaffected by the group's announcement of a significant sales decline of 9.2% in its clothing and apparel division for the first quarter of financial 2006. Standard & Poor's notes that despite M&S' continually weak apparel trading, the group remains on track to achieve its improvements to operating earnings and free cash flow generation during the current year. Standard & Poor's expects that these improvements are likely to be driven by positive sales growth in M&S' food retail division (up 0.7% on a like-for-like basis), reduction in operating costs, and significantly lower stock...
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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