Marks and Spencer 3Q17 Earnings Call Notes

Steve Rowe

Consumers are feeling fine about themselves but down about the economy

“So I will deal with the consumer Brexit. I don’t think I’m going to deal with Brexit. The consumer Brexit I think I’ve said over the last quarter has been sort of fairly stable at the top level. It’s bubbling around, consumers have actually felt quite good about themselves. But what I think is interesting, I think GfK highlighted this, is that what happened during the course of November and December was consumer confidence in the forward-looking economy claim down substantially. And I think that there is this discrepancy in how they feel about themselves versus the economy and we’re not sure how that’s going to mature, but you will expect that much to mature over the next quarter.”