Marks & Spencer reports strong Christmas trading
Clothing & home sales at Marks & Spencer plc (M&S) increased 8.8 percent during the third quarter covering the Christmas trading period with like-for-like sales up 8.6 percent and performance well ahead of the market.
Clothing & home achieved over 10 percent market share in the period under review, its highest level since 2015. Store sales increased 12.8 percent with standout early performances from new stores such as Colchester and Chesterfield which are part of the store rotation programme.
“Clothing and home delivered another outstanding performance, maintaining its market leadership position with its highest market share in seven years. We saw the benefits of the acceleration in the steps we’re taking to reshape M&S as an omnichannel retailer supported by an increasingly promising store rotation programme,” said Stuart Machin, chief executive of M&S in a statement.
The company said, online sales increased 0.7 percent, driven by growth of 33 percent through the M&S app, with a strong performance of click and collect sales.
M&S particularly witnessed strong sales growth in menswear and formalwear of over 40 percent and partywear more than doubled. Sales of third party brands grew 50 percent and represented 8 percent of online sales in the period.
International sales increased 12.5 percent at constant currency with strong retail sales growth in key franchise markets in the Middle East and company-owned markets including India.
Commenting on the outlook, the company said that there are clear macro-economic headwinds ahead and underlying cost pressures, but its strong trading performance provides confidence that the results for the year will be consistent with the guidance set out at the group’s interim results in November.
The company will report full year results for the 52 weeks ended April 2, 2022 on May 24, 2023.