M&S has revealed that the excellent sales momentum it had been experiencing for the majority of 2023 continued in the third quarter, which covered the 13 weeks ending on 30th December.
Overall, it stated that the group sales rose 7.2 per cent to £ 3.856 billion. The crucial clothing and home division that had long been a problem for the retailer rose 4.8 per cent on both a total and like-for-like basis to £ 1.236 billion.
The company has explained that this was “largely driven by the planned timing of franchise shipments in the Middle East and Asia”, but it also highlighted more challenging market conditions in India”.
CEO Stuart Machin explained, “Our strategy to reshape M&S for growth has enabled sustained sales momentum across clothing and home over the Christmas period. In clothing and home, we delivered a good performance with sales growing ahead of the market and less stock going into sale. Womenswear has been the standout, growing volume and value significantly ahead of the market. Style perception continued to improve and we maintained our lead on quality and value, delivering an increase in full-price sales mix and our highest full-price market share for over a decade.”
Within the clothing and home division, store sales increased 2 per cent, with new full-line stores performing ahead of plan. And online sales grew 10.9 per cent, with improved carrier service levels compared with last year and strong demand for click & collect. The company also stated that “Knitwear, denim, and top-of-range autograph lines performed well”.
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