Marshalls cuts guidance as like-for-like sales fall

(Sharecast News) - Landscaping materials group Marshalls cut annual guidance after like-for-like sales fell 14% in the first four months of the year due to a reduction in new house building and continued weakness in private housing maintenance activity. In the first quarter of the year, National House Building Council new housing starts were 27% lower year on year, which hit all the group's reporting segments, Marshalls said on Tuesday,

"Management have acted quickly to reduce costs in the business and are accelerating plans to improve production efficiency, whilst ensuring flexibility to respond when market demand improves," it added.

Reporting by Frank Prenesti for Sharecast.com