The City Editor's column

By Daily Mail Reporter
Updated: 00:00 BST, 3 November 1999

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The 誘惑 to compare 示すs & Spencer with the Titanic is hard to resist. Once thought of as 事実上 unsinkable, the 巨大（な） is settling lower and lower in the water.

Everyone had assumed there were enough lifeboats, which the experienced officers and 乗組員 could 速く operate to 妨げる 株主s having to swim for it.

一方／合間, the 禁止（する）d plays on and the captain does his best to send out encouraging messages to 妨げる alarm - but with little 影響.

The 株 dropped another 5p to 278p in the wake of the half-year results to the end of September. The problem was not the actual pre-税金 利益（をあげる）s: 負かす／撃墜する 43% to £193m before exceptionals (with the 暫定的な （株主への）配当 held at

This was in line with the market's 暗い／優うつな 予測（する）s. What worried 投資家s were the 貿易（する）ing 人物／姿／数字s. 長，指導者 (n)役員／(a)執行力のある Peter Salsbury （悪事，秘密などを）発見するs 'encouraging 調印するs'.

But they are few and far between. Salsbury says like-for-3.7p). like sales were flat, with food up 0.9% but the more 'general' 部類, おもに 着せる／賦与するing, 負かす／撃墜する 0.4% on the same period last year. The sales lost in September 予定 to the wrong type of 天候 - 示すs at times sounds like a rail 操作者 - have not 再現するd to 上げる October. And the last week of that period 含むd the special 保証人／証拠物件 申し込む／申し出, which must have attracted 顧客s.

Also important, 示すs calculates its like-for-like sales in its own way. It 目的（とする）s, arguably with good sense, to 許す for turnover lost by 存在するing 蓄える／店s when new ones appear nearby.

によれば Emily Shamma at West LB Panmure, calculating the like-for-like sales 減少（する） in the usual way would 示唆する a 2.5% 拒絶する／低下する in 着せる／賦与するing. 許すing for the disappointing period in 1998, she 嫌疑者，容疑者／疑うs that like-for-like 着せる／賦与するing sales are 負かす／撃墜する 12 to 13% over the two-year period. Salsbury has a long 名簿（に載せる）／表（にあげる） of 改良s and 改革（する）s ーするつもりであるd to 産する／生じる £450m a year by 2002. They would be more 納得させるing if not festooned with so much jargon. One 改革（する） has 'cascaded 所有権 through the 商売／仕事'.

In English, that 明らかに means 減らすing the 官僚主義. Buying more from abroad is 're-工学 the 供給（する） chain'. Shop assistants are 'sales 助言者s'. Utilising more cheap 輸入するd goods is, sadly, 決定的な. A

year ago 示すs' 割合 of British to foreign 着せる／賦与するing goods was 60:40. Now it is 50:50. < /p>

But の中で many 競争相手s the 割合 is 30:70. That is the sort of 的 示すs will need to chase to be 競争の激しい.

The 管理／経営, 現在の and former, has been at fault for complacently assuming that the 商売／仕事 could, unlike 競争相手s, 支払う／賃金 限られた／立憲的な attention to this 傾向.

On a sounder 公式文書，認める, 示すs has a strong balance sheet and a 大規模な 大臣の地位 of 所有物／資産／財産s, 含むing 投資s in shopping centres. It ーするつもりであるs to sell many of the latter and raise some £400m to help, の中で other things, to refurbish the 蓄える／店s. There is the 可能性 that it will return cash to 株主s and gear up the balance sheet.

But is spending more on major refurbishment really a 解答? After all, the 存在するing chain is hardly dowdy.

The 決定／判定勝ち（する） to 受託する ordinary credit cards looks like a useful step. But sales may need to rise 3-4% to cover that cost.

仲買人s were busy 改訂するing 十分な year 予測（する）s (again), on 普通の／平均（する） by some 10%. ABN Amro 推定する／予想するs only £535m for the 十分な year. CSFB is bravely 持つ／拘留するing out by sticking to its £600m 的.

However, West LB Panmure's 予測（する） of only £500m - but rising to £620m next year - is the one to watch.

That broking 会社／堅い has 証明するd painfully perceptive about 示すs' problems, 率ing the 株 a major 'sell' while others hoped that 改革（する）s would bring 早期に 改良s. Now the 仲買人 says sell all the way 負かす／撃墜する to 250p. This depressing advice must be taken 本気で.

From Andrew Alexander of the Daily Mail