THE RETAIL BULLETIN - The home of retail news
HOME
RETAIL NEWS
RETAIL EVENTS
Fashion
Department Stores
Shopping Centres & Retail Parks
Home & DIY
Electricals
Health & Beauty
General Merchandise
Entertainment
Sports & Leisure
Retail Solutions
Food & Drink
KNOWLEDGE CENTRE
PARTNER DATABASE
ABOUT US
CONTACT US
REGISTER
Marks & Spencer sees fall in third quarter sales

Marks & Spencer saw its UK like-for-like sales decline in its third quarter as both food and clothing and merchandise sales edged down.

GENERAL MERCHANDISE

Marks & Spencer sees fall in third quarter sales

In the 13 weeks to 30 December, like-for-like food sales fell by 0.4% while clothing and merchandise sales dropped by 2.8%. 

Steve Rowe, M&S chief executive, said: “M&S had a mixed quarter with better Christmas trading in both businesses going some way to offset a weak clothing market in October and ongoing underperformance in our food like-for-like sales. As a result, full year guidance remains unchanged.”

M&S said revenue grew both in-store and online in the weeks leading up to Christmas in the clothing and merchandise category. During the period, the retailer held a full price stance and did not participate in Black Friday. However, the impact of unseasonal weather in October resulted in an overall revenue decline. As a result, the retailer carried more stock into the December sale.

In M&S's food business, price investment before Christmas and a strong performance from seasonal lines helped late trading.

International revenue was down 9.8% in the period, reflecting the completion of the planned closure of owned stores in loss-making markets. In retained owned and franchise markets, constant currency revenue increased by 6.5%.

Rowe added: “We continue with the accelerated transformation programme we outlined in November and have recently taken several important steps to reshape the business for the future. These include a new technology partnership and organisation, and the sale of our Hong Kong based business in line with the streamlined franchise-led model we are adopting for international.”

Email this article to a friend

You need to be logged in to use this feature.

Please log in here

Subscribe for retail news

RETAIL EVENTS

GDPR for Marketing Forum 2018
GDPR for Marketing Forum 2018
25th May 2018
Cavendish Conference Centre, London WG1 9DT
Hear how to put your best foot forward as a retail marketeer once GDPR kicks in.
Retail Customer Engagement Summit
Retail Customer Engagement Summit
5 June 2018
Cavendish Conference Centre, London W1
The 9th Annual Retail Customer Engagement Summit
Dentons Future of Retail Law Conference 2018
Dentons Future of Retail Law Conference 2018
14th June 2018
The Altitude SW1P 4RS
Dentons Future of Retail Law Conference 2018
Retail Human Resources Summit
Retail Human Resources Summit
Wednesday 3 October 2018
The Cavendish Conference Centre, London W1
The 10th HR Summit 2018, The Cavendish Conference Centre, London W1, 3rd October 2018
The Retail Design Summit 2018
The Retail Design Summit 2018
14 November 2018
The Cavendish Conference Centre
The Retail Design Summit 2018