manchesterwired
Business
Marks and Spencer's sales kept positive by food
Published: 6th Apr 2011 17:12:28
Marks and Spencer shares have risen 6% following better-than-expected figures, as rising food sales made up for falls in other areas.
Its like-for-like sales, which ignore new store openings, rose 0.1% in the 13 weeks to 2 April.
General merchandise fell 3.9%, but that was cancelled out by a 3.4% rise in food sales.
New chief executive Marc Bolland said it had been "a good fourth quarter in a challenging trading environment".
He added that although sales of clothing had fallen, the retailer's share of the market had risen.
Shares in the retailer were up 20.4 pence, or 6%, closing at 360.6p.
Marks and Spencer's sales had been widely expected to fall, following a succession of poor results from other retailers.
HMV, Next and Dixons Retail, which owns Currys, all said that trading had been difficult since the start of the year.
M&S results for the full year to 2 April will be released on 24 May.
It is clear that with many households facing the squeeze, the future is looking a lot tougher for retailers”
The company's statement was cautious about the coming year, saying that pressure on consumers' budgets and rising commodity prices would make conditions "increasingly challenging".
Despite rising costs, M&S predicted that the profit it takes from every pound will be 0.25 percentage points higher than it was last year, although it did not specify how it plans to achieve the cost cutting that will require.
The company added that it was planning to increase its store space in the UK by about 2% and overseas by about 10%.
Last week, it announced plans to return to the French market, 10 years after closing its stores in Western Europe.
Harvard Citation
BBC News, 2011. Marks and Spencer's sales kept positive by food. [Online] (Updated 06 Apr 2011)Available at: http://www.manchesterwired.co.uk/news.php/143854-Marks-and-Spencers-sales-kept-positive-by-food [Accessed 19th May 2013]
Latest News
-
At 15:28:22 in Other
Coronation Street cleans up at British Soap Awards
Coronation Street has won eight prizes at the British Soap Awards, compared with just one for its rival EastEnders.... -
At 11:48:38 in Other
Attempted murder arrest after Stockport 'argument' stabbing
A 23-year-old man has been arrested on suspicion of attempted murder after a man was stabbed in the early hours of Saturday in Stockport.... -
At 11:43:34 in Other
Warrington teenager death: Three drug supply arrests
Three teenagers have been arrested on suspicion of supplying drugs after a 16-year-old girl died in Warrington.... -
At 15:37:51 in Other
Stockport hydro-electric screws on River Goyt opened
Two giant Archimedes screws installed to generate renewable energy from the River Goyt in Stockport have been officially opened.... -
At 15:14:22 in Other
Prisoner charged with 13 offences
A prisoner who was missing for two months has been charged with 13 offences including indecent exposure and causing grievous bodily harm.... -
At 12:05:05 in Other
Warrington teenager death: 'Illegal substance' inquiry
A teenager has died after reportedly suffering breathing difficulties at a house in central Warrington.... -
At 09:57:51 in Other
School reforms: Unions to stage protest rally in Cardiff
Hundreds are expected at a Cardiff rally later on Saturday before planned strike action over school changes.... -
At 20:28:08 in Other
Andrew Moran extradition from Spain delayed
The extradition of one of Britain's most wanted fugitives has been delayed by an investigation into separate charges by Spanish police.... -
At 19:01:15 in Other
'King of Marbella' John Disley jailed over bank fraud
A conman dubbed the "King of Marbella" and his three accomplices have been jailed over a £675,000 bank fraud.... -
At 18:27:17 in Other
Concert honours choirmaster victim Frances Andrade
Friends of a violin teacher found dead at home after giving evidence against a couple who sexually abused her are playing a concert in her h...
News In Other Categories
-
Rod Stewart returns to UK number one spot
Rod Stewart has scored his first UK number one album for 34 years, going straight to the top with his LP, Time.... -
US spy-row diplomat Ryan Fogle 'leaves Russia'
US diplomat Ryan Fogle, who was accused by Russia of being a spy, has left the country, Russian television reported.... -
US spy-row diplomat Ryan Fogle 'leaves Russia'
US diplomat Ryan Fogle, who was accused by Russia of being a spy, has left the country, Russian television reported.... -
Swansea City fans' help sought over kittens' towel
Swansea City fans and historians are being asked if a towel donated for kitten bedding to an RSPCA shelter has any historical significance.... -
Revision techniques - the good, the OK and the useless
It's the time of year where students are poring over their books, trying to ensure they are prepared for their exams.... -
Stolen fuel waste trailer abandoned near Castlewellan
A stolen lorry trailer filled with illegal fuel waste has been dumped at the side of a road near Castlewellan. ...



