M&S upbeat despite sales drop

Chairman Sir Stuart Rose said M&S customers were “responding positively to the actions we’ve taken” to improve its ranges and offers like Wise Buys, Dine In and Family Foods.

Total UK like-for-like sales in the 13 weeks to 28 March fell by 4.2%, which have been impacted by the fact Easter fell in March in 2008, rather than April as this year.

Food sales rose by 0.4% compared to last year, although fell by 3.7% on a like-for-like basis. M&S overseas operations reported a 23% in sales for the quarter and online sales rose 20%-.

The retailer has maintained its forecast of a 1.75% reduction in gross margin for the financial year, while operating costs grow by 4-5%.

Rose said: “While the outlook remains uncertain, we are confident that we are doing the right things for our customers and for our business.

Full year results will be announced on 19 May.

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