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| M&S beats Christmas sales forecast in clothing and homewares | M&S beats Christmas sales forecast in clothing and homewares |
| (35 minutes later) | |
| Marks and Spencer has reported a rise in clothing and homeware sales over the Christmas period for the first time in two years. | Marks and Spencer has reported a rise in clothing and homeware sales over the Christmas period for the first time in two years. |
| Sales in the division rose 2.3% - well above expectations for about 0.5%. | Sales in the division rose 2.3% - well above expectations for about 0.5%. |
| The company's chief executive, Steve Rowe, said "better ranges, better availability and better prices" had helped sales to recover. | The company's chief executive, Steve Rowe, said "better ranges, better availability and better prices" had helped sales to recover. |
| But growth was helped by the timing of Christmas this year, which meant there were extra shopping days. | But growth was helped by the timing of Christmas this year, which meant there were extra shopping days. |
| Food sales were up by 0.6%. That compares with Tesco's food sales growth of 1.3%, while Sainsbury's food sales were down slightly. | Food sales were up by 0.6%. That compares with Tesco's food sales growth of 1.3%, while Sainsbury's food sales were down slightly. |
| 'Super Thursday' Christmas trading updates | |
| 'Green shoots' | 'Green shoots' |
| The company estimated that the timing of Christmas had added about 1.5% to the clothing & home sales growth and about 0.3% to food. | The company estimated that the timing of Christmas had added about 1.5% to the clothing & home sales growth and about 0.3% to food. |
| But Mr Rowe warned timing would be against them for the next trading update: "As we look forward, our Q4 [fourth quarter] reported numbers will be adversely affected by sale timing and a later Easter." | But Mr Rowe warned timing would be against them for the next trading update: "As we look forward, our Q4 [fourth quarter] reported numbers will be adversely affected by sale timing and a later Easter." |
| Marks and Spencer's clothing sales have been disappointing for the past five years despite constant efforts to turn the ship around. | Marks and Spencer's clothing sales have been disappointing for the past five years despite constant efforts to turn the ship around. |
| But analysts broadly welcomed the latest results. Bryan Roberts, global insight director at TCC Global, told the BBC: "It might be the sign of some green shoots in that part of the business." | But analysts broadly welcomed the latest results. Bryan Roberts, global insight director at TCC Global, told the BBC: "It might be the sign of some green shoots in that part of the business." |
| The improved performance comes after a poor set of figures for Christmas 2015. Then, like-for-like sales in food rose 0.5%, while turnover from its clothing and homeware lines plunged by 5.8% because of "unseasonal conditions and availability". | The improved performance comes after a poor set of figures for Christmas 2015. Then, like-for-like sales in food rose 0.5%, while turnover from its clothing and homeware lines plunged by 5.8% because of "unseasonal conditions and availability". |
| On the same day as those figures were announced, M&S said that chief executive Marc Bolland was stepping down and Steve Rowe - then the director of general mechandise division - would replace him. | On the same day as those figures were announced, M&S said that chief executive Marc Bolland was stepping down and Steve Rowe - then the director of general mechandise division - would replace him. |
| Mr Rowe has taken action, including cutting prices for nearly a third of the ranges and increasing staff numbers on the shop floors. | Mr Rowe has taken action, including cutting prices for nearly a third of the ranges and increasing staff numbers on the shop floors. |
| In September, Mr Rowe said more than 500 senior jobs would be cut, and, two months later, announced plans in November to close around 30 UK stores and convert 45 more into food-only shops. | In September, Mr Rowe said more than 500 senior jobs would be cut, and, two months later, announced plans in November to close around 30 UK stores and convert 45 more into food-only shops. |
| The retailer also announced plans to close some of its overseas stores. | The retailer also announced plans to close some of its overseas stores. |
| Rival performances | |
| On a busy day for retail trading updates, High Street rival Debenhams said its UK like-for-like sales were up 1% over Christmas, with online sales up 13.9%. | |
| Debenhams' main ranges are in the beauty and gift sector, which make up 57% of its sales. It said it had maintained market share in a "competitive clothing market" and had also cut down on its ranges while discounting less. | |
| Online fashion retailer ASOS reported strong sales growth, partly thanks to the steep fall in the pound since the Brexit vote. | |
| It is now expecting full-year sales to be 25% to 30% higher after international figures leapt 52% in the four months to the end of December. UK sales were up by 18%. |