M and S reveal Q1 sales worse than expected
British Retailer Marks & Spencer has announced fourth-quarter sales that are much worse than predicted.
Sales over the three months slid 3.4% from a year earlier. Food revenues shed 1.4%, while sales of clothing dropped 2.5%.
One of the best-known names on UK High Streets, Marks & Spencer has seen sales suffer amid increasing competition from retailers such as Next.
The retailer recovered slightly after a dramatic slump in profits and sales with it recouping 1% of the 3% market share it lost since its peak. However in the last 12 months the retailer has failed to make any gains.
M&S said today its strong control of costs would offset the disappointing sales performance, meaning full year pre-tax profit would be in line with consensus estimates.
Those forecasts are currently come in around £755m (€1,143m).
