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09/10/2001
Marks & Spencer record first sales increase in three years
UK retailer Marks and Spencer have recorded a 2.8 per cent increase in the second quarter of its financial year.
The latest figures are being interpreted in some quarters as the first sign of a turnaround in the retailer's fortunes after shares reached a 10-year low in 2000.
While shares in the retailer have now jumped almost 16 per cent, their price has been helped by the company buying back its own shares.
However, many people have been reluctant in buying M&S shares, as the company's profits have more than halved since 1998, when they topped £1bn.
With sales increasing, the latest figures showed a 0.8 per cent rise in sales of clothing and footwear in the 12 weeks ending on September 29, compared with the same period a year ago. Food sales also rose by 4.9 per cent during the three-month period.
Overall group sales were up 2.8 per cent overall or 2.1 per cent on a same-store basis, which excludes new stores. (MB)
The latest figures are being interpreted in some quarters as the first sign of a turnaround in the retailer's fortunes after shares reached a 10-year low in 2000.
While shares in the retailer have now jumped almost 16 per cent, their price has been helped by the company buying back its own shares.
However, many people have been reluctant in buying M&S shares, as the company's profits have more than halved since 1998, when they topped £1bn.
With sales increasing, the latest figures showed a 0.8 per cent rise in sales of clothing and footwear in the 12 weeks ending on September 29, compared with the same period a year ago. Food sales also rose by 4.9 per cent during the three-month period.
Overall group sales were up 2.8 per cent overall or 2.1 per cent on a same-store basis, which excludes new stores. (MB)
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