Blog: M&S stumble sounds retail warning
Dean Best | 9 January 2008
Perhaps the much touted turnaround at UK retailer Marks & Spencer is not complete after all.
M&S, one of the flagship stores on the UK high street, said today (9 January) that UK sales, on a like-for-like basis, had dipped 2.2% for the three months to 29 December. Shares in the retailer had tumbled by 18% this afternoon on the news.
Food, one of the central planks of the recovery at M&S since darker days earlier this decade, suffered, despite heavyweight ad campaigns over Christmas.
Sales in M&S food halls dipped 1.5% over the period and, with concerns over consumer spending in the year ahead, there will be questions over whether they can bounce back.
And the company's stumbling performance should sound a warning to the rest of the UK retail sector.
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