M&S reports 2.7 percent increase in Q1 sales
Marks and Spencer Group (M&S) said that the revenues increased 2.7 percent or 1.8 percent in constant currency, in the 13 weeks to July 1, 2017 to 2,531.5 million pounds (3,259 million dollars). Revenues in the UK were up 2.6 percent to 2,259.2 million pounds (2,910 million dollars) but like-for-like sales declined 0.5 percent.
Commenting on the results, Steve Rowe, M&S Chief Executive said in a media release: “Trading in the first quarter was in line with our expectations and we are on track with delivery of the plan we announced last year. I am pleased that we continue to grow full price sales in Clothing & Home, with reduced discounting and no clearance sale in the quarter.”
Q1 full-price sales increased 7 percent
The company’s Clothing & Home revenue was down 0.5 percent during the quarter to 852.1 million pounds (1,097 million dollars), while like-for-like sales were down 1.2 percent. The company said, in line with the strategy, full price sales were up 7 percent, as the number of promotions was reduced and there was no clearance sale in the quarter compared with one last year. M&S has commenced its summer sale today, a week later than last year, with terminal stock for the season significantly down.
International revenue increased 3.8 percent but declined 4 percent in constant currency to 272.3 million pounds (350 million dollars). The company’s retained owned and franchise revenue was up 9.4 percent or 1.4percent in constant currency. Consistent with the plans set out in November 2016, M&S closed 28 of 53 stores in the markets it is exiting.

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Posted on July 12, 2017, in #retail, #uk, Other. Bookmark the permalink. Leave a comment.

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