M&S sales soar by 6.8%
Marks & Spencer today reported like-for-like sales rose by 6.8% over the three months to April, well ahead of market expectations.
The UK’s largest retailer said like-for-like sales in general merchandise, such as clothing, were up 8.2%.
A general slowdown in consumer spending since January has harmed sales at chief rival Next, but M&S appears to have come through relatively unscathed.
M&S said like-for-like sales in food rose 5.6% while pre-tax profits for the current financial year were expected to be in the range of £745m (€1.07bn) to £755m (€1.09bn).
Chief executive Stuart Rose, who was parachuted into the hot seat after Bhs owner Philip Green launched a £9bn (€12.9bn) takeover campaign in the summer of 2004, is widely credited for masterminding the recovery in the retailer.
