News Worms
News Worms

Festive sales fall for Marks and Spencer

Festive sales fall for Marks and Spencer

Supermarkets are battling rising costs linked to the Brexit-hit pound, falling consumer confidence and fierce competition in the sector as Lidl and Aldi continue their relentless march. Chief executive Charles Wilson said the business had improved "choice, prices and service" for shoppers.

M&S got a welcome publicity boost earlier this week when Meghan Markle, the USA fiancee of Britain's Prince Harry, was photographed wearing a 45 pound M&S jumper.

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Investors needed to be patient and M&S would return to positive like-for-like sales, he said. "We want our first price to be the right price".

"We delivered an excellent operational performance across the group, with great availability, strong customer satisfaction scores and our lowest level of waste ever at Christmas", said Mike Coupe, CEO of Sainsbury's.

Tesco, whose CEO is Dave Lewis, is the latest United Kingdom retailer to reveal its Christmas trading performance, which has been a mixed bag of results.

The update sees the group join the list of festive casualties following recent profit warnings from the likes of Debenhams, Moss Bros and Mothercare.

Britain's biggest retailer Tesco celebrated a record Christmas after reporting a steep rise in sales over the critical festive trading period.

Mr Rowe said he was pushing on with his turnaround after speeding up plans in November to close under-performing clothing stores and slow expansion of its Simply Food chain.

Marks & Spencer has attributed unseasonal weather to a fall in sales across its clothing and home division over the third quarter.

Its food business had a 0.4 per cent drop in comparable sales, which was again better than analysts' forecasts that they would dip by 1.1 per cent.

Worldwide sales during the quarter declined 9.8 percent to 309 million pounds (416.6 million dollars), while M& sales of 309 million pounds improved 3 percent.

"In these turbulent times it's great having two retailers to bounce ideas around".

He added that the group remains on track to meet full-year profit expectations. This would represent a second straight year of decline.


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