Marks and Spencer sees LFL sales tumble
The tills are still ringing like billy-o in the food halls of retail bellwether Marks and Spencer but the group confessed that trading in other parts of the store was more mixed in the first first three months of 2011.
The tills are still ringing like billy-o in the food halls of retail bellwether Marks and Spencer but the group confessed that trading in other parts of the store was more mixed in the first first three months of 2011.
Like-for-like sales in the UK were down 0.7% on the first quarter of 2011, with food sales up 1.0% while general merchandise sales were down 2.8%.
Overall, UK sales were up 1.2%, with food sales up 3.1% and general merchandise sales down 1.2%. Within the general merchandise category, clothing sales held up reasonably well, easing 0.3% from a year earlier but home-ware sales were 7.5% lower.
MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
International sales were down 2.0% but direct sales were a bright spot, rising 22.8% from a year earlier.
"We have continued to manage costs tightly, and are confident of delivering full year profits in line with expectations. While the short term trading outlook continues to be challenging, we are focused on investing in line with our plan and are making strong progress against our goal of becoming an international, multi-channel retailer," said Marc Bolland, Chief Executive of Marks & Spencer.
More to follow ...
JH
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.
-
Inflation holds steady at 3.8% ahead of BoE meeting
The rate of inflation did not rise in August, but the Bank of England is still expected to keep interest rates on hold tomorrow
-
Thousands of savers with £250k pensions take cash over tax-free money and IHT fears
With a record £70 billion withdrawn from pensions in the year to March, experts are concerned savers are making knee-jerk decisions without advice that could affect their long term wealth