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Marks & Spencer growth driven by food in Q1

Zoom in font  Zoom out font Published: 2013-07-11  Views: 34
Core Tip: Marks and Spencer has booked a 1.8% increase in like-for-like food sales for the first quarter of its financial year.
Marks and Spencer has booked a 1.8% increase in like-for-like food sales for the first quarter of its financial year.

CEO Marc Bolland, under fire for the performance of parts of M&S's non-food business in the UK, said the retailer's food arm had "another excellent quarter".

He said: "Sales grew well ahead of the market, as customers chose us as the destination shop for special occasions as well as everyday quality they can trust. Our operational execution continues to improve, delivering further increases in availability." Total food sales in the UK increased 4.5%.

Like-for-like sales of general merchandise in the UK were down 1.6%. In the first quarter of M&S's last financial year, like-for-like GM sales dropped 6.8%.

Shore Capital analyst Clive Black said M&S's total food sales were "impressive" and indicated the retailer had gained market share.

 
 
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