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M&S has revealed that it was the top performing grocer in volume growth terms over the Christmas period and the quarter, as food sales rose 10.5%, with like-for-like sales up 9.9%.
According to the retailer, supply chain improvements helped to drive better availability year-on-year in its supermarkets.
Clothing and home sales also rose by 4.8%, with like-for-like sales rising 4.8% due to growth in average selling prices that were “partly” a result of reduced promotions year-on-year.
The retailer saw clothing store sales increase 2% during the quarter, with new full line stores performing ahead of plan. Meanwhile, online sales grew 10.9% during the same period.
M&S expects economic growth to remain uncertain as it enters FY25, as it faces additional cost increases from “higher than anticipated” wage and business rates-related cost inflation.
Nevertheless, the strong Christmas trading performance provided “confidence that the results for the year will be consistent with market expectations”.
Stuart Machin, chief executive of M&S, said: “Our strategy to reshape M&S for growth has enabled sustained sales momentum across food and clothing and home over the Christmas period. Thank you to our customers for shopping with us and to our colleagues who worked incredibly hard.
“We enter 2024 with a spring in our step, but clear-eyed on the near-term challenges. We are determined to deliver our objective of driving 1% growth in market share in both businesses and to up the pace of our transformation.”
He added: “Our vision is to be the most trusted retailer, doing the right thing for our customers, with quality products at the heart of everything we do, and we are just at the beginning of what we can achieve. Lots done, lots to do, lots of opportunity ahead.”
