Retail giant says savings from £600m programme will not lead to reduction in scope
Marks & Spencer has sliced £100m of its planned £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: “The pilot stores in the UK are performing well and customers have responded favourably to the improvements.
“Having 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 £100m less than the previous guidance of £600m.
“Our target completion date for the roll-out by mid 2013 remains unchanged.”
The announcement came as the firm said it was confident of delivering 2011/12 profits “in line with expectations”, with UK sales up by 1.2% in the 13 weeks to 31 March 2012.