In its trading statement for the first quarter of the 2006/07 fiscal year, UK retail group Marks & Spencer said that food sales had risen by 9.2% in the 13 weeks to 1 July 2006.
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The company said that total sales were up by 10.4%, while non-food sales had risen by 11.7%. The inclusion of Easter in the first quarter this year added around 0.8% to both general merchandise and food sales, the company said. Like-like sales rose by 8.2%, while like-for-like food sales were up by 5.8%.
“This is an encouraging performance, albeit against soft comparatives last year,” M&S’s CEO Stuart Rose said. “We continue to focus on improving product, service and the refurbishment of our store portfolio, 42 of which are currently under development. Market share continues to grow.We are creating 4,000 new jobs in our stores to satisfy extra demand and the new space coming on stream. Despite the challenging trading environment, we are confident that we can continue to drive the business profitably.”
M&S confirmed that that Paul Myners will step down as chairman at its AGM today (11 July). He will be succeeded by Lord Burns.
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By GlobalData
