M&S sale figures continue to fall
M&S sale figures continue to fall
Tuesday 31st March 2009
Marks and Spencers has reported like-for-like sales fell by 4.2 per cent during the last three months.The figures mark the fourth consecutive quarter of falling sales, but are better than some experts had predicted.
M&S claims promotions such as Dine in for £10 helped the fall in like-for-like food sales ease to 3.7 per cent in the first 13 weeks of the year, compared to the 8.9 per cent drop reported last quarter.
There was also good news for the retailer in terms of international sales, which were up 23 per cent, and online sales also saw a 20 per cent rise.
In a statement M&S chairman Sir Stuart Rose said: "We have made progress against the key priorities set out at the interim results in November. Our customers are responding positively to the actions we have taken, resulting in an improved sales performance this quarter in both General Merchandise and Foods.
"International continues to grow strongly and we have managed our costs and cash flow tightly. Our trading stance remains 'first price, right price' with four main sale events a year. We are offering even better values across all price points in General Merchandise and Foods – without compromising our quality or ethical standards.
"While the outlook remains uncertain, we are confident that we are doing the right things for our customers and for our business."
He added the company expected UK retail gross margin to be around 175 basis points lower than last year, operating cost growth of four to five per cent and capital expenditure to be no more than £700 million.
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