Overview
- M&S told shareholders at its July 7 annual meeting that some refrigeration units failed during last month’s record June heatwave, causing operational strain in stores and foodhalls.
- Chief executive Stuart Machin said the group is reviewing all store cooling systems and will buy new equipment specified to operate at temperatures up to 45C.
- The move follows a June high of 37.7C recorded by the Met Office and its warning that 40C events are more likely and 45C is now a plausible scenario for the UK.
- Investor group ShareAction, representing 14 institutional investors, urged M&S to reinstate the voluntary real living wage at the AGM while the company highlighted a 6.4% pay rise from April and cited rising cost pressures.
- M&S also confirmed growth plans, including the opening of its largest standalone food store in Godalming on July 16, as it shifts from incident response to resilience upgrades that aim to protect food supplies and staff jobs.