Dow Jones Newswires: Marks & Spencer sales rise after strong Christmas performance

by | Jan 12, 2023 | Stock Market

Marks & Spencer Group PLC
said Thursday that its performance over the Christmas period was strong, with a rise in third-quarter sales. The U.K. retailer said that group sales for the 13 weeks ended Dec. 31 were 3.60 billion pounds ($4.37 billion), up 9.9% on year. A year prior it said sales in the period were GBP3.27 billion.

Food sales increased 10.2% on year to GBP2.11 billion and outperformed the market on volume and value in the four-week Christmas period for the second consecutive year, reaching its highest-ever recorded market share. Clothing and home sales increased 8.8% to GBP1.18 billion, recording its highest market share in seven years. U.K. sales rose 9.7% in the period to GBP3.29 billion while international sales rose 12.5% to GBP312 million, with strong retail sales growth in key franchise markets in the Middle East and India. The company continues its reshaping program to become an “omnichannel retailer.” Click-and-collect orders increased 20%, and there was around 50% growth in third-party brand sales. Continued focus remains on delivering the M&S Reshaped program to cut costs in the face of inflationary pressures, it said. The company backed its profit guidance for the full year, despite macro-economic headwinds and underlying cost pressures. For fiscal 2023, the company is expected …

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