Marks & Spencer continues to grow market share
Marks & Spencer has reported that UK like-for-like sales excluding VAT in the 13 weeks to 2 July rose 1.7% on the previous year.
The retailer said the growth was driven almost entirely by food sales which rose 3.3% on a like-for-like basis. It attributed this success to its Dine In promotions where customers sought out better value alternatives to eating out. The rise in food sales helped M&S to increase its market share by 1% to 3.8%.
General merchandise sales remained unchanged on a like-for-like basis.
The retailer’s clothing market share rose from 11.5% to 11.7%. This was the 17th consecutive month of gain.
Online sales were up 13% in the quarter and international sales were up 7.8%.
Marc Bolland, M&S chief executive said:“Marks & Spencer continued to grow market share in both Clothing and Food by offering our customers more choice, great value for money and leading innovation.
“Against the uncertain economic backdrop, we are focused on trading through the short term, while building for the long term growth of the business.”
M&S said it continued to be cautious about the outlook as it expects trading conditions to remain challenging.
Existing guidance for the financial year 2011/12 remains unchanged.
Email this article to a friend
You need to be logged in to use this feature.
Please log in here