Sales at Marks & Spencer have continued to fall in the last quarter, but the retailer says that there are signs of greater stability ahead.
This morning’s M&S second quarter trading statement, for the 12 weeks to October 2, revealed an overall decline in sales of 5.5 per cent year-on-year.
Half-year profit expectations have risen on recent forecasts, up to £295 million, which is within long-range forecasts. However, that is still below the £325m recorded in the same period last year.
Food sales in the quarter dropped by 2.8 per cent and M&S said that performance in the last two weeks has been slightly worse than that. Clothing and home goods sales are steadying the ship.
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