Marks & Spencer reports strong Christmas
Clothing disappoints but sales up across the board
January 15 2003
Marks and Spencer outperformed the UK high street in the run-up to Christmas with like-for like sales up 6.7 per cent in the seven weeks to January 11, and 7 per cent in the 15 weeks from September 29 to January 11.
Clothing sales increased by 9.8 per cent across the quarter, with full price sales up at 7.8 per cent. An increase in homeware sales of 5 per cent was achieved on just under 10 per cent less sales space than the previous year due to revamping of sales areas. Food sales were up 5.7 per cent.
M&S said it made progress on its targets for sales growth, increasing both sales and market
Share, but that clothing sales fell short of targets, increasing the amount of sale stock and increasing estimates of full-year markdown costs by 5 per cent.
Chief Executive Roger Holmes said: “We had a good Christmas, building on our strong performance last year, as customers have appreciated the improvements in our offer. We have now achieved five consecutive quarters of strong clothing sales growth and delivered further gains in market share this quarter, with food and home also performing well.
“Looking ahead, we have many opportunities to continue improving our products, shopping environment and the efficiency of our business, in a market that is now growing at more normal levels.”
