UK-based apparel and home retailer Marks and Spencer (M&S) Group plc has announced its trading statement for 13 weeks that ended on December 30, 2017. Despite a 1.1 per cent increase in total sales in the UK to £ 2,858 million, the company reported a 0.1 per cent decline in net revenue to £ 3,167 million.
M&S noted revenue growth both online (£ 309 million, up by 3 per cent) and offline till Christmas. It refrained from participating in the Black Friday sale as a result, the company’s clothing & home sales in the UK went down by £ 1,192 million, whereas the segment’s like-for-like sales tumbled by 2.8 per cent.
The impact of an unseasonal October contributed to the decline in its revenue. As a result, it ended carrying forward more stock into the December sale. Steve Rowe, Chief Executive, said the reporting period remained a mixed quarter for the retailer as it came up with better trading results during the month end.
International sales for the fashion retail firm plunged 9.8 per cent to £ 309 million during the reporting quarter.
In a recent development, M&S has forged a deal with Tata Consultancy Services to strengthen its digital retail business. The retailer will primary importance to new products and strategies for the online medium first, as per the deal.
Under the 5-year agreement, “TCS will transition M&S to a new Technology Operating Model, which support the agile mind-set to convert business and IT strategy, aligned with rapid technology innovation to meet fast-changing business priorities,” reportedly said Rajesh Gopinathan, CEO, TCS.
