Marks & Spencer bids to boost sales with ‘discount vouchers’

Marks & Spencer has distributed almost one million “discount vouchers” in an attempt to boost sales ahead of next month’s trading update.

The retailer is repeating a “families and friends” promotion it ran for the first time last February. More than 70,000 staff have been sent a dozen vouchers, offering 20pc off clothing, food and homewares. Staff have been asked to give the vouchers to friends and families, although in February a number were sold on eBay.

“It was a very well received promotion,” said an M&S spokeswoman.

The vouchers are valid for use between next Thursday and Saturday. M&S’s first quarter finishes at the end of the month.

The promotion is likely to spark renewed fears about current trading at M&S. The retailer is also running a promotion on champagne and wine, as well as offering 30pc off furniture.

Sir Stuart Rose, executive chairman of M&S, is due to update investors on first-quarter trading at the retailer’s general meeting in July.

Like all retailers, M&S has been hit hard by a downturn in consumer confidence. Recent reports have also claimed that Debenhams and Next are winning back market share lost to M&S in recent years.

“We expect market conditions to remain difficult for the foreseeable future,” said Sir Stuart in May when he announced full-year results.

M&S shares have almost halved over the past 12 months, despite the group reporting profits of more than £1bn. The shares closed little changed yesterday at 342p.

Advertisements

One Response

  1. […] Articles: Marks & Spencer bids to boost sales with ‘discount vouchers’ French Retailers Slash […]

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: