Bolland holds back on revealing M&S strategic review

NEW Marks & Spencer chief executive Marc Bolland will delay unveiling his strategic review of the retailer until the interim results in November, focusing this week instead on trading performance over the summer period.

Bolland, poached from Morrisons, the supermarket group, was unveiled as the successor to outgoing Sir Stuart Rose by M&S at its annual results last May when it was said he would have a three-month induction period studying the company.

However, it is thought Thursday's trading update, the first to be taken by Bolland, will not concern strategy.

Keith Bowman, analyst at broker Hargreaves Lansdown, said he was unsurprised Bolland was holding fire on announcing any new strategy at the group, with the City speculation that it could involve new product areas or an acceleration of online sales.

Bowman said: "It's no surprise Bolland is deferring his plans for the time being. It's a sizeable proposition he has taken on.

"To come out firing with any major strategic changes so soon after taking over could risk creating a hostage to fortune." M&S's fortunes recovered somewhat in the final trading quarter of its last financial year, with like-for-like sales up 5 per cent.

General merchandise, including clothing, was ahead 9 per cent, while food was up 1.8 per cent on a same-floorspace basis.

However, some analysts said they were impatient to find out Bolland's broader plans for taking the group forward.

One said: "It is a bit of a disappointment we won't hear anything really on strategy this week. The main problem with M&S at the minute is a lack of future visibility.

"We want to hear what Bolland has to say on the rising threat from the likes of Tesco and Primark, as well as New Look. We would also like to know what conviction he has on M&S's international prospects."