Marks & Spencer Q1 sales up 2.3 percent

Thursday, 10 July 2014

REPORT_ Announcing its results for the first quarter of this fiscal year, Marks & Spencer said that its group sales went up 2.3 percent. Total sales in UK increased over 2 percent with like-for-like growth of over 0.3 percent.

Commenting on the first quarter performance, Marc Bolland, Chief Executive said, “We have seen a continued improvement in clothing, although as anticipated the settling in of the new M& site has had an impact on sales. We are pleased that the womenswear business was in growth, driven by full price sales, in line with our increased focus on margin.”

Womenswear sales were up as a result of stronger full price sales and uplift from seasonal and fashionable products. International business continued to perform well, with particularly strong performance in priority markets. Trading conditions in the Republic of Ireland continue to be challenging. Sales performance in the Middle East was impacted by the timing of shipments to its franchise partners.

Company’s full year guidance remains unchanged. Marks and Spencer Group will report its second quarter trading and half year results on November 5, 2014.

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