M&S says to consider retailing broadband, telecoms
Marks & Spencer Group PLC Executive Chairman Sir Stuart Rose Wednesday said the U.K. retailer could consider extending its goods and services offerings into telecommunications and broadband.
Asked at a retail conference whether the group would expand its range of products currently focused on clothing, homeware and food, Rose said: "Why not, if it is legal," mentioning telephone and broadband services. He declined to elaborate on when these services could be offered.
Commenting on trading, Rose told reporters he expected the group to grow revenue this year on a like-for-like basis and said the impact of the VAT rise in January has been not as great as the company expected.
Rose also said home sector products will see revenue growth this year, with the furniture business "not getting any worse", boosted by an improving housing market. On e-commerce retailing, he said it was a growing phenomenon, but consumers will still want to get to the shops to make purchases.
On the prevailing economic climate, Rose said 2010 would be a tough year for the sector but that retailers should remain resilient. "We have had a very tough (last) 18 months, and it is going to be tough this year...(but) we are over the worst of it," he said, adding: "We have got to be optimistic."
Discussing his legacy at the company, Rose said he was "confident about moving the business forward", adding that great strides had been made to turn around the company that he joined in 2004. "The business was in a mess and on the brink of disappearing, probably into private equity", he said.
Rose said incoming Chief Executive Marc Bolland, starting at the group on May 1, would take this transformational process further. "We are in a place where we can grow," Rose said. "We have a very, very strong management team".
Rose is to step down from his position to a part-time role when Bolland starts work. He is to leave the group entirely by the end of July 2011, but has indicated that his departure could come early.
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