Marks & Spencer reports “another good Christmas”
Marks & Spencer has been boosted by “another good Christmas” as sales of food, clothing and home products all rose.
In the 13 weeks to 28 December, food sales increased 8.7%, with like-for-like sales up 8.9%, which the retailer said was driven by reinvestment in quality, value and 500 new lines added in the period. Categories performing particularly well included meat, produce, grocery and in-store bakery items.
Subscribe to TRBMeanwhile, sales in the retailer’s ‘Remarksable’ value range climbed 14% in the period.
Clothing, home and beauty sales edged up 1% and by 1.9% on a like-for-like basis. Within this, online sales increased by 11.7% driven by customer growth and improved availability. M&S said stock going into its sale was broadly in line with last year.
However, international sales fell by 2.8% as the retailer continued to face challenging market conditions in India.
Stuart Machin, M&S chief executive said: “This was another good Christmas for M&S, building on a strong performance in the prior year. We sustained trading momentum with like-for-like sales up 8.9% for Food and 1.9% for clothing, home & beauty.
“Sales records were broken across the business, with Food recording its biggest day and Clothing, Home & Beauty online its biggest week, but we’re not complacent – as a growth business it’s our job to break records.”
Looking ahead, he added: “The external environment remains challenging, with cost and economic headwinds to navigate, but there is much within our control. At M&S, we stay close to our customers and their needs, and with that in mind our investment in trusted value, along with great quality, style and innovation remains our priority.
“Transforming M&S is a marathon, not a sprint, and we go into 2025 shifting up a gear and raring to go as we accelerate the scale and pace of change.”
