On April 14, 2004, Standard&Poor's Ratings Services revised its outlook on U.K.-based leading department store operator Marks&Spencer PLC (M&S) and its related entities to negative from stable, after the group reported a continuing weak trading performance for the year ended March 27, 2004. At the same time, Standard&Poor's affirmed its 'A' long-term and 'A-1' short-term corporate credit ratings on the group. The outlook revision follows the ongoing weak trading performance of M&S' nonfood division (apparel accounts for about 90% of total nonfood sales and overall about 45% of sales, including VAT for the 12 months ended Sept. 30, 2003), as demonstrated by a negative 1.8% like-for-like sales growth for the year ended March 27,
