M&S sales slow
Sales the slowest in six quarters following the poor weather and higher interest rates eroded kept consumers at home.
Marks & Spencer announced a 7 per cent rise in first quarter group sales. UK sales rose 6.4 per cent, 2 per cent on a like for like basis. General merchandise sales for the 13 weeks to 30 June climbed 4.3%, food was up 8.5%. Overall sales in clothing improved 3.5%, Home sales rose 13.4%, while food was up 8.5%. Sales during the previous three month period showed growth of 4.6% for non-food and 3% for food.”Rising interest rates, general uncertainty over consumer spending, and extreme weather conditions combined to make market conditions particularly volatile over the quarter,” Chief Executive Officer Stuart Rose said.
The Bank of England’s base interest rate was raised to 5.75 percent last week, the fifth rise in a year. Weather was also a factor in sales, with Britain recording the wettest June since records began in 1914.
