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Marks and Spencer sees another fall in clothes sales division Marks and Spencer sees another fall in clothes sales division
(35 minutes later)
Marks and Spencer suffered a 2.1% fall in sales in its general merchandise (GM) division, which includes clothes, in the three months to the end of December. Marks and Spencer suffered a 2.1% fall in like-for-like sales in its general merchandise (GM) division, which includes clothes, in the three months to the end of December.
However, there was a slight improvement over the last eight weeks, with like-for-like sales up 0.5%. However, there was a slight improvement over the last eight weeks, with like-for-like sales, which exclude new stores openings, up 0.5%.
Overall, like-for-like group sales were up 0.2% in the third quarter.Overall, like-for-like group sales were up 0.2% in the third quarter.
The food division saw a 1.6% rise for the period, and online sales rose 22.7%. Food sales saw a 1.6% rise for the period, and online sales rose 22.7%.
Marc Bolland, chief executive said, "We delivered an improved performance in general merchandise over the important Christmas period. However, an exceptionally unseasonal October, which saw GM sales down strongly, has resulted in a quarterly performance below our expectations." Chief executive Marc Bolland said: "We delivered an improved performance in general merchandise over the important Christmas period. However, an exceptionally unseasonal October, which saw GM sales down strongly, has resulted in a quarterly performance below our expectations."
The fall in like-for-like sales in the GM operation, which also includes homewares, is the 10th successive quarterly drop.The fall in like-for-like sales in the GM operation, which also includes homewares, is the 10th successive quarterly drop.
M&S said in a statement that it had "been a challenging quarter for the general merchandise market, with unseasonal conditions and higher than ever levels of discounting". M&S said in a statement that it had "been a challenging quarter for the general merchandise market, with unseasonal conditions and higher levels of discounting".
The retailer said it had seen "early signs of improvement" in womenswear sales.The retailer said it had seen "early signs of improvement" in womenswear sales.
M&S staged a flash sale on the Saturday before Christmas, with 30% reductions off clothing lines, which the company said on Thursday would hit margins.
Mr Bolland said the food business, which contributes more than half of group sales, had an "excellent" quarter. On 23 December, the chain had its biggest day yet for food, with sales of £64m, he said.
Reshuffle
There have been mixed signals from the High Street, with Next, John Lewis and House of Fraser performing strongly, but disappointment for Debenhams and Mothercare.There have been mixed signals from the High Street, with Next, John Lewis and House of Fraser performing strongly, but disappointment for Debenhams and Mothercare.
Also on Thursday, Tesco reported like-for-like sales down 2.4% in the six weeks to 4 January because of a "weaker grocery market".
At the same time, rival Morrisons reported a 5.6% drop in like-for-like sales.
High Street sales started well before Christmas, something underlined by data from the British Retail Consortium, which reported on Wednesday that shop prices fell by 0.8% in December, the fastest rate in almost seven years.High Street sales started well before Christmas, something underlined by data from the British Retail Consortium, which reported on Wednesday that shop prices fell by 0.8% in December, the fastest rate in almost seven years.
M&S staged a flash sale on the Saturday before Christmas, with 30% reductions off clothing lines.
Mr Bolland has reshuffled some key staff in the hope that a new clothing range, heavily promoted with a marketing campaign featuring the likes of Dame Helen Mirren, Tracey Emin and Darcey Bussell, would start delivering results.Mr Bolland has reshuffled some key staff in the hope that a new clothing range, heavily promoted with a marketing campaign featuring the likes of Dame Helen Mirren, Tracey Emin and Darcey Bussell, would start delivering results.
The executive makeover saw a new head of the GM division, John Dixon, brought over from the successful food section in October 2012, while Belinda Earl, the former Jaeger and Debenhams boss, became style director the month before.The executive makeover saw a new head of the GM division, John Dixon, brought over from the successful food section in October 2012, while Belinda Earl, the former Jaeger and Debenhams boss, became style director the month before.