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M&S says confidence 'stabilising' M&S says confidence 'stabilising'
(21 minutes later)
Marks and Spencer has said that "consumer confidence appears to be stabilising", although it remains cautious about the next 18 months.Marks and Spencer has said that "consumer confidence appears to be stabilising", although it remains cautious about the next 18 months.
Its UK like-for-like sales, which exclude new stores, fell 1.4% in the 13 weeks to 27 June, with food down 0.5% and general merchandise down 2.4%.Its UK like-for-like sales, which exclude new stores, fell 1.4% in the 13 weeks to 27 June, with food down 0.5% and general merchandise down 2.4%.
The comparable figure for the previous three months had fallen 4.2%.The comparable figure for the previous three months had fallen 4.2%.
When new stores are included, group sales rose 2.9% in the period, while UK sales increased by 1.7%.When new stores are included, group sales rose 2.9% in the period, while UK sales increased by 1.7%.
"We are pleased with the improving trend in our performance," said M&S chief Sir Stuart Rose. "This demonstrates that the actions we are taking are working." "The good news this year is that there is more visibility about the sales level and more visibility about where we are headed," M&S executive chairman Sir Stuart Rose told the BBC.
"However, we remain cautious about the outlook for the remainder of this and next year and will continue to run the business accordingly." "This time last year it was a very difficult situation because we were headed downhill.
"But it's very hard to call whether this is a plateau, whether this is a continuing decline, whether there's any movement upwards. So I'm not saying there are any green shoots, I'm just saying stable situation - so far, so good."
Last week, Sir Stuart offered to waive a slice of his long-term bonus award, an entitlement to shares worth £1.16m.Last week, Sir Stuart offered to waive a slice of his long-term bonus award, an entitlement to shares worth £1.16m.
However, he is still set to come under pressure at the retailer's annual general meeting next week over his combination of the roles of chairman and chief executive, which goes against corporate governance guidelines.However, he is still set to come under pressure at the retailer's annual general meeting next week over his combination of the roles of chairman and chief executive, which goes against corporate governance guidelines.