M&S: shares up despite disappointing quarterly sales
(CercleFinance.com) - Marks & Spencer posted a larger-than-expected fall in third-quarter sales, confirming that British retailers are going through tough times.
The retailer said on Thursday that sales at stores open at least a year fell 2.2% in the 13 weeks to 29 December.
This performance fell short of analysts' forecasts, who were expecting a decline of 1.6%.
Food sales dropped by 2.1% over the quarter, while clothing and home fell by 2.4%.
"The combination of reducing consumer confidence, mild weather, Black Friday, and widespread discounting by our competitors made November a very challenging trading period," said chief executive Steve Rowe.
However, the group maintains its full-year guidance.
M&S shares were up 1.1% at 280.7 pence at 9:30 am, valuing the business at about 4.5 billion pounds.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
The retailer said on Thursday that sales at stores open at least a year fell 2.2% in the 13 weeks to 29 December.
This performance fell short of analysts' forecasts, who were expecting a decline of 1.6%.
Food sales dropped by 2.1% over the quarter, while clothing and home fell by 2.4%.
"The combination of reducing consumer confidence, mild weather, Black Friday, and widespread discounting by our competitors made November a very challenging trading period," said chief executive Steve Rowe.
However, the group maintains its full-year guidance.
M&S shares were up 1.1% at 280.7 pence at 9:30 am, valuing the business at about 4.5 billion pounds.
Copyright (c) 2019 CercleFinance.com. All rights reserved.