UK retailer Marks & Spencer (M&S) has revealed a positive set of results for the first quarter of 2010/11, with overall group sales up 4.4 per cent on a year-on-year basis.
In the company's home market, total UK sales climbed 4.8 per cent when compared with the same period of 2009/10, with food sales rising 2.9 per cent.
Like-for-like UK sales increased by 3.6 per cent, boosted by growth in general merchandise and food, up 6 per cent and 1.5 per cent respectively.
The group's food department continued to outperform the UK market on a like-for-like basis, M&S revealed in its interim management statement, as customers looked to trade up to higher-end products as the country moved out of recession.
Meanwhile, international sales grew 0.9 per cent, with an adverse impact from currency translation and continued difficult trading conditions in certain markets, M&S said.
'Marks & Spencer has delivered another good sales performance in the first quarter, continuing the progress made by the team over the previous year,' said chief executive Marc Bolland. 'We have continued to grow market share across all parts of the business as customers recognised the strength of the Marks & Spencer brand and the great quality and value it represents.'
However, the group warned that despite the good start to the year, the recent emergency budget and actions introduced to reduce the national deficit had led to a cautious outlook for the rest of the year regarding consumer confidence and spending.
No comments yet