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10/01/2006
M&S report strong Christmas sales
Marks & Spencer has reported strong sales during the Christmas period.
The High Street retailer saw like-for-like sales in the UK increase by 2.9% in the 13 weeks to the end of December.
Marks & Spencer saw overall UK sales grow by 4.8% during the quarter. However, while food sales increased strongly, increasing by 7.9%, the increase in general merchandise sales was slower, rising by 2.1%.
Clothing sales increased by 1.9%, while home-ware sales rose by 3.8%.
However, full price sales of general merchandise increased dramatically compared to the last quarter. Sales rose by 5.3%, compared to just 0.4% in the last quarter.
M&S said that they had made better progress across all areas of the business, through better buying, better values and tighter control of inventory.
The retailers said that, as a result, there would 35% less stock in its post-Christmas clearance sale than last year.
Commenting on the figures, Chief Executive Stuart Rose said that the quarter had been "encouraging", but warned that the market remained challenging. He said: "We are facing increasing cost pressures. Costs of fuel, utilities, rent and rates have risen sharply and will have an impact next year.
"We remain focussed on product, service and environment. We are undertaking a substantial programme of store development and expect to have over 30% of our store portfolio in the new format by the end of 2006. We are on track against our plan although there remains much to do."
(KMcA/GB)
The High Street retailer saw like-for-like sales in the UK increase by 2.9% in the 13 weeks to the end of December.
Marks & Spencer saw overall UK sales grow by 4.8% during the quarter. However, while food sales increased strongly, increasing by 7.9%, the increase in general merchandise sales was slower, rising by 2.1%.
Clothing sales increased by 1.9%, while home-ware sales rose by 3.8%.
However, full price sales of general merchandise increased dramatically compared to the last quarter. Sales rose by 5.3%, compared to just 0.4% in the last quarter.
M&S said that they had made better progress across all areas of the business, through better buying, better values and tighter control of inventory.
The retailers said that, as a result, there would 35% less stock in its post-Christmas clearance sale than last year.
Commenting on the figures, Chief Executive Stuart Rose said that the quarter had been "encouraging", but warned that the market remained challenging. He said: "We are facing increasing cost pressures. Costs of fuel, utilities, rent and rates have risen sharply and will have an impact next year.
"We remain focussed on product, service and environment. We are undertaking a substantial programme of store development and expect to have over 30% of our store portfolio in the new format by the end of 2006. We are on track against our plan although there remains much to do."
(KMcA/GB)
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