FOOD AND CLOTHING GAINS
Christmas cracker for Marks & Spencer
Clothing and homeware sales — the nub of new CE Steve Rowe’s recovery strategy — rise for the first time in two years
London — Marks & Spencer (M&S) soundly beat forecasts for Christmas trading with its first quarterly rise in clothing and homeware sales in nearly two years, delivering a welcome boost for new CE Steve Rowe. After taking the helm in April, Rowe instigated the latest in a long line of M&S recovery strategies, focusing on turning around the underperforming clothing and homewares business, and was rewarded on Thursday with an unexpected 2.3% jump in the division’s like-for-like sales in the 13 weeks to December 31. That beat market expectations of a rise of up to 0.2%, while food sales also beat forecasts. Food was up 0.6%, against predictions of a slight fall. Rowe said M&S had a "good" Christmas and that customers looking for clothes had responded to its "better ranges, better availability and better prices". "We saw full-price increases in every single clothing division," Rowe said, adding it was the first time the 133-year-old company had gained market share in the full-price cloth...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.