M&S reports 5.6% rise in Christmas food, offsetting slip in clothes

M&S reports 5.6% rise in Christmas food, offsetting slip in clothes

Britain’s Marks & Spencer reported a rise in like-for-like food sales in the Christmas quarter, but sales of clothing, home and beauty fell 2.9%.

M&S said the drop in clothing sales was driven by poor performance in stores, which offset a recovery online. (EPA Images pic)
LONDON:
Britain’s Marks & Spencer (M&S) reported a 5.6% rise in like-for-like food sales in the Christmas quarter but clothing, home and beauty sales fell 2.9%, reflecting lingering issues from last year’s cyber hack and weaker demand on the high street.

Chief executive Stuart Machin said a record number of customers shopped with M&S in the period.

“Food sales were strong and the business continues to outperform, hitting a new market share milestone in the period,” he said today.

“Fashion, Home & Beauty is getting back on track as we work through the tail end of recovery,” he added.

“The drop in clothing sales was driven by a poor performance in stores, which had offset a recovery in online,” it said.

It said a higher amount of stock was discounted in its post-Christmas sale, but sell-through rates had been strong.

In November, M&S said it would have fully recovered from April’s cyber hack by the end of its financial year to March, forecasting second-half profit “at least” in line with last year.

It said today its full-year guidance was unchanged.

Its profit in the first half slumped 55.4%, after the shutdown of its online operation caused fashion, home and beauty sales to slide 16.4%.

Stay current - Follow FMT on WhatsApp, Google news and Telegram

Subscribe to our newsletter and get news delivered to your mailbox.