M&S sales drop amid ‘difficult’ market
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Marks and Spencer has reported a 2.7% drop in its total sales for the 13 weeks to 29 December 2018.
Its clothing and home sales saw a 4.8% decline and its food performed slightly better, but still saw a drop with a 1.2% decrease.
The retailer said reducing customer confidence and widespread discounting from its competitors helped to contribute to its “challenging” trading period. However, it said its overall performance was “steady” and it anticipated “early encouraging signs”.
The full year guidance remains unchanged.
Steve Rowe, chief executive said: “Against the backdrop of well publicised difficult market conditions our performance remained steady across the period. Our food business traded successfully over Christmas as customers responded to improved value. Our transformation programme remains on track.“
