Published on 31 - March - 2009
Marks & Spencer fourth quarter results reveal 'surprise' sales improvementsM&S has issued its Q4 trading update this morning (March 31) and it is an improvement on the last quarter and much better than many commentators had expected.
M&S chairman Sir Stuart Rose
The chain, headed by chairman Sir Stuart Rose, last reported on January 7 when its Q3 results were dreadful with sales down 7% over Christmas and more than 1,000 job losses announced.
However, in Q4, UK sales declined by just 0.3% in total, compared with Q3, leading Sir Stuart to say things have 'not got any worse' on the high street.
In Q4 the group's sales were up 1.9%, although UK sales were down marginally at 0.3%.
UK like for like (lfl) sales were down 4.2% with general merchandise falling 4.8% and food dropping 3.7%
However, online sales were up 20% and international sales jumped up 23%.
Sir Stuart said: "We have made progress against the key priorities set out at the interim results in November.
"Our customers are responding positively to the actions we have taken, resulting in an improved sales performance this quarter in both general merchandise and foods.
"While the outlook remains uncertain, we are confident that we are doing the right things for our customers and for our business."
DIYWeek.net does not edit comments which are submitted directly by our users to express their own views. Please report abuse of our comment system here.
© Datateam Business Media Limited 2009. DIY Week.net news articles may be copied or forwarded for individual use only. No other reproduction or distribution is permitted without prior written consent.