UK-based apparel and home retailer Marks and Spencer has unveiled its financial results for the third quarter of financial year 2016. The Group sales were up 5.9 per cent on a reported basis in the period under review.
In the reporting period, the retailer’s clothing & home segment sales increased 3.1 per cent. Clothing & home like-for-like sales were up by 2.3 per cent. The company reduced sales on promotion in the mentioned period, with many fewer category promotions particularly over Black Friday. Additionally, international sales surged 18.9 per cent on a reported basis.
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Steve Rowe, Chief Executive, M&S said, “I am pleased with the customer response we have seen to the changes we are making in line with our plan for the business. In Clothing & Home, better ranges, better availability and better prices helped to improve our performance in a difficult marketplace. We also continued to substantially reduce discounting, including over Black Friday,” adding, “As we look forward, our Q4 reported numbers will be adversely affected by sale timing and a later Easter. Against the background of uncertain consumer confidence, the business remains focused on delivering the strategic actions announced last year.”
