M&S profits forecast cut by broker Citi

Citi has downgraded its profits forecasts for Marks & Spencer for the next two years amid continued pessimism on the high street.

The financial services giant, joint broker for M&S, lowered its earnings estimate for the retailer in the year to March 2012 from £725m to £700m, a cut of 3%. It also cut its forecast for the following year by 9% to £730m.

Citi analysts also said they expected M&S to report a 2% fall in sales of clothing and general merchandise when the high street bellwether reports its latest sales figures in November.

Meanwhile, M&S announced the appointment of four brand managers to oversee the development of key lines such as Per Una and Autograph. Alongside a trio of new appointments, Lucy Calver switches from the retailer’s food marketing team.

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