proof that the media is all doom and gloom

[Nosha123]

M&S yesterday announced their figures for the first quarter of this year. I have not found anywhere yet the full story in the news but they all report doom and gloom and "oh figures were down but not as much as they thought they would be"
Actually.. Internet sales were 20% UP!!! Surely thats great news for the economy isnt it????? Why all the play on negative stuff - anyone would think the media WANT this recession!!!

M&S site states:
� Group sales up 1.9%
� UK sales* down 0.3%: General Merchandise -1.2% (Clothing -1.0%; Home
-2.3%); Food +0.4%
� UK like for like sales* down 4.2%: General Merchandise �4.8%; Food �3.7%
� Online Sales up 20%
� International sales up 23%

[dr b]

All true, but off what base are these % increases being computed? Perusing M&S's financials on their website yields the following for 2008 revenues (figures in millions of pounds):

UK retail 8,309
International retail 713
M&D Direct 220 (Internet sales)

So UK retail sales are about 38 times as large as internet sales, meaning a relatively small % drop in UK retail can easily outweigh a large % increase in web sales. M&S state their goal is to have web sales at 500m by 2011; still small beans relative to retail sales.

that said, the business press (like the press in general) will probably sell more papers with gloom and doom right now than with cheery news.

[dr b]

And of course I mean "M&S Direct", not "M&D".

[Nosha123]

they are posted by M&S on the M&S site... financials are reported quarterly and hence these figures are the first for 2009.
I think weather has a part to play... people prefer to shop onine than go out in wet winter weather.
With a bit of luck now Spring has sprung we may see some more positive results in the high st.

I get your point though! Thanks

[barry1010]

You haven't read the reports of Woolworth's going bust, then? And other once successful companies?