UK retail group Marks & Spencer said that trading conditions in its first quarter had been volatile because of rising interest rates, extreme weather conditions and uncertainty over consumer spending.

In its first-quarter trading statement, the retailer said that like-for-like sales in the UK grew by 2.0%, with food sales up by 0.7%. General merchandise sales rose by 2.9%, with international sales up by 14.8%.

M&S said the growth was achieved against strong prior-year comparatives and at a time when around 3m sq ft of trading space was being disrupted by the company’s store refurbishment programme.

CEO Stuart Rose said: “Rising interest rates, general uncertainty over consumer spending, and extreme weather conditions combined to make market conditions particularly volatile over the quarter.

“We believe that the short term trading environment will remain very challenging, but our plans are unchanged. We are confident that our focus on product, service and environment and our investment in the brand will ensure we continue to make progress.”

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.

Company Profile – free sample

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 GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.