Marks and Spencer released a disappointing set of Christmas results on Thursday, as consumers’ tighter budgets and ongoing trading pressures took a hit.
Like-for-like revenues fell 1.4 percent in the 13 weeks to 30 December, with its most successful division, food, falling by 0.4 percent. Clothing and homeware fell 2.8 percent, despite the group’s continued strategy of “restoring price integrity and improving everyday value.”
Steve Rowe, M&S chief executive, said of the results: “M&S had a mixed quarter with better Christmas trading in both businesses going some way to offset a weak clothing market in October and ongoing underperformance in our Food like-for-like sales.
Rowe added: “We continue with the accelerated transformation programme we outlined in November and have recently taken several important steps to reshape the business for the future. These include a new technology partnership and organisation, and the sale of our Hong Kong based business in line with the streamlined franchise-led model we are adopting for International.”
The group confirmed that full-year guidance remained the same, however, with full-year results being reported on the 23rd May.
M&S’s weak Christmas results were in contrast to that of several other big British supermarkets, including Tesco and Morrisons, who both saw sales rise over the period.