MARKS & Spencer's new chief executive Steve Rowe is set to say that its clothing sales fell for a fourth consecutive quarter, when he makes his City debut this week.
According to City analysts, the retailer's food business had another strong quarter, with like-for-like sales up 0.3 per cent, but its general merchandise, including clothes sales, are believed to have fallen by 3.4 per cent.
The firm hopes that the launch of its new Alexa Chung range on April 13 will provide its clothing division with a boost.
Her new 31-piece collection is based on classic designs she found in M & S 'archive at Leeds University. It will be available online and in 66 stores nationwide.
Yesterday Rowe, who previously ran the firm's clothes division for six months and Simply Food before that, succeeded Marc Bolland, who retired after six years at the helm.
He will unveil its fourth-quarter trading update to M & S investors on Thursday.
Revenues for the 12 months to March 312016 are expected to be flat at & pound; 10.4billion. Pre-tax profits excluding restructuring costs, loss on disposals and mis-selling provisions at its insurance division, are also forecast to be flat at & pound; 664million.
On Tuesday, Moss Bros is expected to say that its pre-tax profits rocketed by nearly 29 per cent to & pound; 6.2million last year, thanks to refitted stores, more competitive pricing and continued growth in its hire business, which has seen higher demand for formal wear.
Fraud Office gets Serious on Libor
The Serious Fraud Office will be looking to bounce back from its Libor prosecution setbacks on Monday, when the trial of six former Barclays bankers accused of rate rigging begins.
The six bankers, Stylianos Contogoulas, Peter Johnson, Jonathan Mathew, Jay Merchant, Alex Pabon and Ryan Reich, face charges of conspiring to manipulate the US dollar Libor.
The London interbank offer rate is used to price billions worth of loans and set investment return targets around the world.
The trial, which was originally due to be held in January, will take place at Southwark Crown Court.
In January the SFO suffered a massive blow, when the three-month trial of six brokers that were accused of helping former UBS trader Tom Hayes rig interest rates ended with all of them being acquitted.
Former ICAP brokers Darrell Read, Colin Goodman and Danny Wilkinson, former Tullett Prebon worker Noel Cryan, and ex-RP Martin employees James Gilmour and Terry Farr were found not guilty of involvement in manipulating the Japanese yen Libor.
Moma considers crowdfunding
Fast-growing healthy breakfast foods producer Moma is looking at raising fresh investment in order to accelerate its expansion plans.
Founder Tom Mercer said the firm, which has 20 angel investors backing it, intends to expand by getting more listings with supermarkets and other retailers, and developing new products.
Mercer said Moma could team up with a crowdfunding platform: "I would consider a crowdfund because we are growing fast and as it keeps the brand close to people."
Moma started as a stall in London's Waterloo train station, but has grown into a leading supplier of smoothies, Bircher muesli and porridge.
It secured new listings in Sainsbury's in February and this month its smoothies will hit the shelves of Asda and Waitrose. It also supplies airlines such as Virgin Atlantic.
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