UK retailer Marks and Spencer said today (13 July) that first-quarter food sales “continued to outperform the market” on a like-for-like basis.
M&S said that for the quarter ended 2 July, its share of the UK food market was up 10 basis points to 3.8% after it reported a 3.3% increase in like-for-like food sales. For the quarter, food sales were up 5%.
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Total UK sales, excluding VAT, were up 2.7%. Consolidated sales were up 3.2%.
The retailer said it continued its “focus on innovation”, launching more than 500 products over the quarter, “including a broader choice of healthy eating options for the summer”.
M&S also said it was “well-placed to benefit from customers seeking better value alternatives to eating out” with its “dine-in” promotion allowing consumers “to enjoy Marks & Spencer quality at home”.
However, the company expects trading conditions to remain challenging due to pressure on consumers’ disposable incomes and higher commodity prices. “As a result we remain cautious about the outlook. Our focus will be on remaining competitive, and offering our customers great value and quality at a time when they are managing their budgets carefully,” the retailer said.
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By GlobalDataCommenting on the results, chief executive Marc Bolland said: “Against the uncertain economic backdrop, we are focused on trading through the short term, while building for the long term growth of the business.”
Shares in M&S were down 2.55% today to 363.5p a share at 09:58 BST.
