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10/04/2002
M&S reveal stronger than expected sales performance
UK clothing retailer, Marks & Spencer has marked a nine-month period of strong sales performance to its marketing efforts and to the early Easter holiday.
The company's latest trading figures revealed a stronger than expected rise in sales with predictions of a strong performance in the months ahead.
M&S said sales in shops which were open a year ago rose 10.6 per cent during the 11 weeks to March 30, well above predictions by analysts of a seven per cent rise.
Commenting on the figures, Luc Vandevelde, Chairman and Chief Executive, said: "I am delighted that our customers continue to react positively to the on-going improvements we are making to the appeal of our clothing and to the store environment. More customers are visiting our stores, being tempted to buy and spending more with us.
"The response to our Spring ranges in both womenswear and menswear has been particularly encouraging, continuing the progress made over the Christmas period. The performance of Foods was also good, given we were trading against a very strong period last year.
"While pleased with our progress, I recognise our performance was helped by the buoyant High Street trading conditions and the fact we were up against weak comparatives in the fourth quarter last year. We still have a long way to go to recover lost ground, but I am confident that by continuously driving improvements for our customers we can secure the recovery."
Growth in food sales of 4.5 per cent was topped by a 16.6 per cent rise in clothes and homeware sales. The rise follows a radical restructuring which has included the closure or sale of overseas branches and the revamping of its UK stores, as well as improvements to its clothes.
However, some analysts said M&S may find it hard to retain its sales growth if higher interest rates and higher taxes lead to weaker consumer spending in the UK. (MB)
The company's latest trading figures revealed a stronger than expected rise in sales with predictions of a strong performance in the months ahead.
M&S said sales in shops which were open a year ago rose 10.6 per cent during the 11 weeks to March 30, well above predictions by analysts of a seven per cent rise.
Commenting on the figures, Luc Vandevelde, Chairman and Chief Executive, said: "I am delighted that our customers continue to react positively to the on-going improvements we are making to the appeal of our clothing and to the store environment. More customers are visiting our stores, being tempted to buy and spending more with us.
"The response to our Spring ranges in both womenswear and menswear has been particularly encouraging, continuing the progress made over the Christmas period. The performance of Foods was also good, given we were trading against a very strong period last year.
"While pleased with our progress, I recognise our performance was helped by the buoyant High Street trading conditions and the fact we were up against weak comparatives in the fourth quarter last year. We still have a long way to go to recover lost ground, but I am confident that by continuously driving improvements for our customers we can secure the recovery."
Growth in food sales of 4.5 per cent was topped by a 16.6 per cent rise in clothes and homeware sales. The rise follows a radical restructuring which has included the closure or sale of overseas branches and the revamping of its UK stores, as well as improvements to its clothes.
However, some analysts said M&S may find it hard to retain its sales growth if higher interest rates and higher taxes lead to weaker consumer spending in the UK. (MB)
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Tesco fail to match Sainsbury over Christmas period
Figures from Tesco have revealed that its Christmas sales growth failed to match that of archrival J. Sainsbury. Excluding takings from petrol stations, Tesco reported a 6.2 per cent rise in UK Christmas sales for the seven weeks ending on January 5 - compared to that of Sainsbury’s who had a rise of 6.8 per cent.
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