Marks & Spencer: food like-for-like sales underperform
(CercleFinance.com) - British retailer Marks & Spencer on Thursday posted a drop in third-quarter revenue, prompting the retailer's shares to fall by almost 6% in morning trading on the London Stock Exchange.
Marks & Spencer said group sales fell by 0.1% to 3.17 billion pounds in the 13 weeks to 30 December.
In the UK, like-for-like sales decreased by 1.4% over the period.
Food sales on a same-store basis held pretty well, slipping 0.4%, although clothing & home sales were down 2.8%.
Chief executive Steve Rowe cited a weak clothing market in October, but said that the group's full-year guidance remained unchanged.
The shares were down 5.8% at 306.10 pence after the news.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
Marks & Spencer said group sales fell by 0.1% to 3.17 billion pounds in the 13 weeks to 30 December.
In the UK, like-for-like sales decreased by 1.4% over the period.
Food sales on a same-store basis held pretty well, slipping 0.4%, although clothing & home sales were down 2.8%.
Chief executive Steve Rowe cited a weak clothing market in October, but said that the group's full-year guidance remained unchanged.
The shares were down 5.8% at 306.10 pence after the news.
Copyright (c) 2018 CercleFinance.com. All rights reserved.