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Marks & Spencer slides as analysts cut forecasts Friday, 4th January 2013
Marks & Spencer Shoreham store. Photo credit: Marks & Spencer plc
Marks & Spencer shares fell on Friday after analysts said they expected third quarter sales to fall back on a weak general merchandise performance.
With less than a week until its quarter sales update on Thursday, Marks & Spencer shares fell 11.4 p at 377p on Friday after analysts at Nomura cut their full year forecasts from £694 million to £666 million.
According to the Guardian the bank expects the update from the department store to show UK like-for-like sales down 1.4 per cent, attributed to a weakness in its general merchandise offering.