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Monday 01st of June 2009
March 31, 2009

M&S report fall in sales but beats expectations


by Kay Murchie
”M&S

Britain’s largest clothing retailer, Marks & Spencer (M&S), has reported a 4.2% fall in like-for-like sales for the three months ending March 28.

The decline compares with a 7.1% fall in the previous quarter and exceeded City expectations. However, it is the sixth consecutive quarter that the group has reported a drop in revenue.

The High Street has suffered recently due to consumers cutting back on spending and the retailing giant admitted that the outlook remains “uncertain”.

Like-for-like food sales fell 3.7%, with overall group sales up 1.9%. The group said it had experienced considerable increases online, while international sales grew by 23% during the period.

Chairman Sir Stuart Rose said he is confident “that we are doing the right things for our customers and for our business.”

Earlier this year, the group announced plans to cut more than 1,000 jobs and close almost 30 stores.

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