UK: Marks and Spencer AGM trading statement and update on corporate restructuring
UK Trading Sales for the 14-week period to 7 July declined by 2.6%, with strong progress in Food (+5.9%) offset by the performance of Clothing, Footwear and Gifts (-9.1%). However, the result of more cost-effective clothing buying is delivering the planned benefit of some 3 percentage points to the primary margin, and together with better control of stock commitment has delivered a much-improved net achieved clothing margin percentage for the period.
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