Marks & Spencer improves clothing business performance as turnaround plan starts paying off
The retailer reported like-for-like clothing and homeware sales fell 1.2 per cent in the 13 weeks to 1 July - a vast improvement on the 5.9 per cent decline suffered in the previous quarter
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.Marks & Spencer continued to battle a slump in clothes sales during the most recent quarter, as a rise in inflation started to eat into consumers’ wallets, but the fall was less severe than expected and overall sales rose.
The high street retailer, which is in the middle of a major turnaround programme, reported like-for-like clothing and homeware sales fell 1.2 per cent in the 13 weeks to 1 July, compared to the average estimate in a Reuters poll of analysts of 1.3 per cent. It was also a vast improvement on the 5.9 per cent decline suffered in the previous quarter.
Total sales in the segment were down 0.5 per cent at £2.3bn.
Its recently more resilient food division faced headwinds too, resulting in a 0.1 per cent fall in like-for-like sales, compared to analysts’ forecasts for a 0.6 per cent rise, but overall group revenue increased 2.7 per cent to £2.53bn. International sales grew by 5.8 per cent to £184.8m.
“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,” said chief executive Steve Rowe.
“In our food business, we delivered strong growth from new Simply Food openings, and are prioritising better ranging and stronger promotions,” he said.
Mr Rowe said that reduced discounting and no clearance sale during the quarter had helped to prop up results.
Subscribe to Independent Premium to bookmark this article
Want to bookmark your favourite articles and stories to read or reference later? Start your Independent Premium subscription today.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments