Recovery is going as planned says M&S chief
11th July 2017
The boss of Marks and Spencer says plans to deliver growth for the High Street giant are "on track" despite a fall in sales.
In a trading update today, M&S reported a first-quarter decline in total UK like-for-like sales of 0.5 per cent, with food sales falling by 0.1 per cent and clothing and homes sales going down by 1.2 per cent.
But the figures are an improvement on the previous three months, when sales dropped by 5.9 per cent.
Group revenues for the first quarter went up by 2.7 per cent to £2.53billion year on year.
The figures came just hours after one of its rivals, Matalan, said its total sales had risen by 1.3 per cent to £253.4million in the first quarter.
Marks and CEO Steve Rowe said: "Trading in the first quarter was in line with our expectations and we are on track with delivery of the plan we announced last year.
"I am pleased that we continue to grow full price sales in clothing and home, with reduced discounting and no clearance sale in the quarter.
"In our food business, we delivered strong growth from new Simply Food openings, and are prioritising better ranging and stronger promotions."
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