LONDON (ShareCast) - Marks and Spencer (LSE: MKS.L - news) 's saw like-for-like sales fall across its major divisions in the first
quarter, though total group sales were up.
In the 13-weeks to June, UK like for like sales fell 1.4%, General Merchandise slipped 2.4% and Food was down 0.5%. Overall group sales however rose 2.9%.
Total UK sales rose 1.7% over the period marking a further improvement in the trend seen over the last two quarters. General Merchandise rose 1.2% (Clothing +1.4%; Home +0.1%) and Food increased 2.0%, both helped slightly by the timing of Easter.
The group said clothing market share was up 30bps with improved performance in all areas of the business, while home sales continue to outperform the market.
International sales rose 15.9% and M&S Direct had another strong quarter with online sales up 28%.
"We are pleased with the improving trend in our performance. This demonstrates that the actions we are taking are working," said Stuart Rose.
"Consumer confidence appears to be stabilising. However, we remain cautious about the outlook for the remainder of this and next year and will continue to run the business accordingly," he added.
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