Marks & Spencer has announced a sales slowdown to 4.2 per cent for the fourth consecutive quarter, as the retailer reported better-than-expected results today.
Aided by its promotions such as Dine in for £10, which M&S executive chairman Sir Stuart Rose said "has been copied by everyone", the retailer saw its decline in like-for-like food sales ease to 3.7 per cent in the 13 weeks to March 28, from a decline of 8.9 per cent the previous quarter.
Overall group sales were up 1.9 per cent, with significant increases seen in online and international sales. The sales slowdown discounts the impact of store closures including the closure of 25 Simply Food, and two main M&S, outlets with 1,200 job cuts proposed.
Rose said M&S was attracting younger customers, with nearly 250,000 more shoppers under the age of 35 in the fourth quarter.
“The problem was that, six to nine months ago, the downturn in food sales hit us as our promotions weren’t good enough,” Rose told BBC News this morning.
“Now we are the only food retailer in the country where food inflation is going down and customer traffic is slightly outperforming the market too.”
Speaking on his own, possibly precarious, position following signs of unrest against his powerful dual position as executive chairman and chief executive, Rose said: “The board fully understand the situation and I know my shareholders want me to concentrate on giving to the customer."
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