16/01/2002
M&S report improved retail sales
Marks & Spencer has revealed better than anticipated sales figures for the Christmas period, showing that the retailer is well on its way to recovery.
Investors welcomed a like-for-like sales increase of 8.3 per cent in the seven weeks to 12 January, with shares in M&S climbing throughout the day.
The news is significant as it comes just one month before the self-imposed deadline given by chief executive Luc Vandevelde to turn the company’s fortunes around in two years. Setting himself what seemed to be an insurmountable challenge, many thought his aim impossible – especially when M&S reported their worst profit figures for fourteen years in March of last year.
However, helped by the current high street spending boom, in November 2001, M&S reported a 20 per cent rise in profits for the half year - and Wednesday’s news serves to confirm the company’s improving financial fortunes.
Speaking to BBC Breakfast News, Mr Vandevelde said that he was confident that the recovery was “well on its way” and that he could see improved performance for the foreseeable future, adding: “I think that the market conditions are still definitely good enough for us to continue to grow over the next couple of quarters and next year.” (CL)
Investors welcomed a like-for-like sales increase of 8.3 per cent in the seven weeks to 12 January, with shares in M&S climbing throughout the day.
The news is significant as it comes just one month before the self-imposed deadline given by chief executive Luc Vandevelde to turn the company’s fortunes around in two years. Setting himself what seemed to be an insurmountable challenge, many thought his aim impossible – especially when M&S reported their worst profit figures for fourteen years in March of last year.
However, helped by the current high street spending boom, in November 2001, M&S reported a 20 per cent rise in profits for the half year - and Wednesday’s news serves to confirm the company’s improving financial fortunes.
Speaking to BBC Breakfast News, Mr Vandevelde said that he was confident that the recovery was “well on its way” and that he could see improved performance for the foreseeable future, adding: “I think that the market conditions are still definitely good enough for us to continue to grow over the next couple of quarters and next year.” (CL)
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Northern Ireland WeatherToday:A sunny but frosty start for many. However cloud increases by midday with a few showers reaching the north coast, these mostly light but spreading inland this afternoon. Chilly. Maximum temperature 8 °C.Tonight:A rather cloudy evening with scattered showers. Becoming drier through the night with some good clear spells developing and a patchy frost away from coasts. Minimum temperature 0 °C.
