M&S like for likes slip
M&S has reported a 2.2 per cent fall in UK like for like sales during the third quarter as ‘market conditions became more challenging through November and December’.
The group said that like for like sales of General Merchandise for the 13 weeks to 29 December dropped 3.2 per cent , while food registered a 1.5 per cent fall. Group sales rose 2.8 per cent with UK sales 2 per cent better. A 5.1 per cent rise in food sales offset a 0.7% slip in General Merchandise. International sales increased by 15.1 per cent. Sir Stuart Rose, Chief Executive said ‘Market conditions became more challenging through November and December. We continued to drive footfall, and volume growth in General Merchandise was strong at 5 per cent. Price deflation was 6 per cent, reflecting our continued focus on offering customers better values. We held market share in General Merchandise at 10.6 per cent and in Food at 4.3%.
‘We did not discount in the run up to Christmas. Stock levels were well controlled over the period. We had a strong start to the Christmas Sale and sale stocks have now cleared”.
