Marks & Spencer Q1 Revenues Rise; Says FY View Unchanged

Marks & Spencer Q1 Revenues Rise; Says FY View Unchanged

Marks & Spencer Q1 Revenues Rise; Says FY View Unchanged

Group revenue increased 1.8% in constant currency.

However, like-for-like food sales dipped by 0.1% - which was worse than expected - and without Easter falling in April, comparable revenue across the United Kingdom business would have declined further. We start our summer sale today, a week later than past year, with terminal stock for the season significantly down.

M&S also axed 27 promotions in the quarter. The 0.1% decline - contrasting with a 0.6% rise pencilled in by analysts - comes at a time when sales of its supermarket rivals have been boosted by inflation and the recent heatwave.

There were some pockets of good news, in the food department M&S is gaining market share overall, and full price clothing sales were ahead of the wider United Kingdom market.

"We believe today's update demonstrates that strategic initiatives are delivering some improvement across the business, which if maintained, could cause us to reappraise M&S's investment case".

That strategy has worked towards reducing discounting, and the retailer said that full price clothing and home sales rose by 7% as the number of promotions fell - including not holding a clearance sales in the quarter.

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British store chain Marks & Spencer's turnover grew several percent in the first quarter of its fiscal year 2017/2018.

"In our Food business, we delivered strong growth from new Simply Food openings, and are prioritising better ranging and stronger promotions".

Steve Rowe, Chief Executive said, "Trading in the first quarter was in line with our expectations and we are on track with delivery of the plan we announced past year".

"In a relatively succinct Q1 statement, Marks & Spencer (M&S) has confirmed reasonably subdued trading for the 13 weeks to 1st July whilst also confirming that the "shape" of trading has been in line with expectations and that full year guidance remains unchanged". Analysts are blaming the fact that Rowe's plan means that there is no clearance sale at M&S these days, which is hitting sales, also some are questioning whether his plan is not only too expensive, but it doesn't go far enough since he is only planning to close 53 stores nationwide.

Shares in M&S fell 1.3% in early trade on Tuesday.

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