After cool weather in May and June dampened sales, Marks & Spencer reported a dip in first-quarter underlying sales in its apparel, shoes and homeware business. M&S chief executive Marc Bolland, six weeks ago had said, “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.”
The retailer said General Merchandise sales at stores open over a year fell 0.4 per cent in the 13 weeks to June 27, better than analysts’ average forecast for a 1 per cent decline, but below 0.7 per cent growth in the previous quarter — the division’s first growth in nearly four years. It also added that ongoing sourcing initiatives are driving gross margin improvement.
