Marks & Spencer, a major British multinational retailer, has revealed its financial report for 13 weeks to 2 July 2016. In the period under consideration, its clothing & home sales of retailer were down by 8.3 per cent with LFL sales down by 8.9 per cent.
Steve Rowe, Chief Executive of M&S said, “A key part of our recovery plan for Clothing & Home is lowering prices and reducing promotions. As a result, we ran fewer price promotions while continuing to lower prices to deliver real value to our customers, and moved the summer sale to July. We knew our actions would reduce total sales but we are seeing some encouraging early signs. Our Food business continues to strongly outperform a deflationary market, with LFL sales slightly down when adjusted for Easter timing.”
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The CEO of the company also added that consumer confidence weakened in the run up to the EU referendum. While it is too early to quantify the implications of ‘Brexit’, the retailer is confident that the strategic priorities and actions it is taking remain the right ones to deliver results for its customers and business.
Founded in 1884 and headquartered in London, UK, M&S specializes in the selling of clothing, home products and luxury food products.
