M&S sales fall for Q4
Struggling retailer Marks & Spencer today announced a widely expected fall in sales in the fourth quarter.
The group said total like-for-like sales dropped by 4.9% during the period while full year sales were down 5.1% against the previous year.
Chief executive Stuart Rose said the trading environment remained difficult, but the group believed it was making progress tackling the issues it faced.
M&S said in a trading update that total like-for-like clothing and home sales declined by 6.7% on a comparable basis in the 13 weeks to April 2, including the impact of Easter and the mid-season sale, while full-year sales in the sector dropped 7%.
Food sales fell 3% in the period and by 2.8% in the full year.
On a financial accounting basis, given that the 2003/4 financial year was for a 53-week trading period, total like-for-like clothing and home sales in the fourth quarter were down 9.2% while food fell 3.1%.
The group said it now expected that pre-tax profits before exceptional items for the 2005 financial year would be in the range of £610m (€888m) to £625m (€910m), in line with analysts’ expectations.
