Marks And Spencer Group have reported 'missed estimates' for food sales and a 'fresh drop' in its quarterly clothing range.
Its same-store sales in the clothing and home division fell 1.2% in the 13 weeks ending on 1 July 1st, London-based M&S said today (11 July) having slumped by almost 9% in the comparable period a year ago, reported Irishtimes.ie.
The food business saw same-store sales drop 0.1 per cent, missing estimates for a 0.6% rise.
The drop in clothing sales marks the second consecutive quarter that the UK retailer has failed to 'meet low expectations'.
The retailer’s update comes on the same day as a report from Barclaycard showing UK consumer spending growth slowed to 2.5 per cent in June. About 46 percent of those surveyed said they are “feeling the squeeze” from inflation.
The compnay said that it is continuing its effort to shift away from selling clothes at a discount and didn’t hold a clearance sale in the period. Full-price clothing sales rose about 7% in the quarter.
© 2017 - Checkout Magazine by Donna Ahern