7th Jul 2015 06:13
LONDON (Alliance News) - Marks & Spencer Group PLC Tuesday reported year-on-year growth in sales in the first quarter of its financial year and said that all guidance for the full year remains unchanged.
The clothing and food retailer said that total group sales were up 1.3% in the 13 weeks to June 27 from a year before, as food sales grew 3.2% and general merchandise revenue rose 0.2%. On a like-for-like basis, food sales grew 0.3% but general merchandise declined 0.4%.
Regionally, sales in the UK were up 1.9% but remained flat on a like-for-like basis, while international revenue fell 3.9%. Online revenue continued to rise strongly at 38.7%.
M&S said it is on track to deliver its full-year guidance of 150 to 200 basis points gross margin improvement in general merchandise.
"We continue to make progress against our key priorities. Our Food business did very well in a difficult market. In General Merchandise, sales were broadly level on last year and we are on track to deliver the planned increase in gross margin. M&S.com performance was very strong, with customers appreciating all the improvements to our website," Chief Executive Marc Bolland said in a statement.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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