UK retailer Marks & Spencer (M&S) today reported an increase in like-for-like sales of 5.3 per cent in the 13 weeks to 2 October, with food rising by 3.7 per cent.
Although results were ahead of City expectations, the retailer warned of tough times ahead, not least due to the January increase in VAT to 20 per cent and the government's austerity measures, which are expected to hit consumers' disposable incomes.
M&S succeeded in grabbing a larger share of the food market, up from 3.6 per cent to 3.7 per cent, which CEO Marc Bolland attributed in part to 'better value and innovation'.
International sales reportedly rose by 6.2 per cent. However, trading conditions remain tough in Ireland and Greece.
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