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.
-
Reeves warned against property tax shake-up – 3 ways it could backfire on first-time buyers
Rachel Reeves reportedly has her eye on high-end property taxes in the upcoming Budget, but there are concerns a shake-up could unintentionally hamper those trying to get on the housing ladder
-
Average Brits want to retire five years before they can – who has the widest retirement gap?
Brits are expecting to work for longer than ever but there are big disparities in the number of extra working years predicted. A small tweak could help close the gap