M&S rues cost of stock shortages
ProcurementLeaders.com - Apr 19th 2012, 10:19
UK retailer Marks & Spencer has been hit by stock shortages caused by what the group‚Äôs CEO referred to as ‚Äėnot perfect buying‚Äô
The high street clothes stores reported loss of sales after the company failed to order enough items to support its key clothing business through the first months of the year.
‚ÄúWe were too short, so it was not perfect buying,‚ÄĚ Marc Bolland, CEO, was quoted in the Financial Times as saying. ‚ÄúEverything that was on the catwalk [we had but]...we didn‚Äôt have enough of it.‚ÄĚ
He estimated that the retailer sold 100,000 items of M&S Woman knitwear, but it could have sold 300,000. It also failed to buy enough of ‚Äėon trend‚Äô clothes to take advantage of consumer demand.
According to the Financial Times, M&S is now taking steps to avoid these kinds of issues ‚Äď but denied that recent efforts to modernise its supply chain had been behind the shortages.
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