The timing of Easter, a nostalgic ad campaign and an improved performance from its food business have helped first-quarter sales at Marks and Spencer, the UK retailer.
Go deeper with GlobalData
M&S said today (1 July) that group turnover rose 2.9% during the 13 weeks to 27 June. Sales in the UK were up 1.7%, with food sales rising 2%.
On a like-for-like basis, UK sales were down 1.4%, while food sales dipped 0.5% but the results marked an improvement on M&S’s last quarterly results published in March. During the last quarter of the retailer’s previous fiscal year, UK like-for-like sales fell 4.2%, with food sales down 3.7% on the same basis.
M&S said its moves to “improve value, availability and product innovation” had seen its food business deliver “better performance” for the thid successive quarter.
Chairman Sir Stuart Rose added: “We are pleased with the improving trend in our performance. This demonstrates that the actions we are taking are working.”
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataInternationally, M&S’s sales jumped 15.9%.
Shares in M&S were up 3.6% at 317p at 09:26 BST this morning.
