Shares in Marks and Spencer fell this morning (7 July) despite the UK retailer posting a 3.6% rise in domestic first-quarter like-for-like sales.
M&S shares were down 3.1% at 341.9p at 08:35 BST in the wake of a set of numbers that included a 1.5% increase in food like-for-like sales.
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The retailer said its food like-for-likes meant it had “outperformed” the market as consumers “returned to quality”.
Group sales were up 4.4%, with total general merchandise sales rising 7% and total food sales climbing 2.9%.
M&S said the figures – for the 13 weeks to 3 July – excluded the benefit of Easter timing.
“Adjusting for this would have added circa 0.4% to general merchandise total and like-for-like sales and circa 1.4% to food total and like-for-like sales,” the retailer said.
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By GlobalDataInternational sales were up 0.9%, dampened by an adverse impact from foreign exchange and “continued difficult trading conditions in certain markets”, M&S added.
