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Marks and Spencer sees sales fall M&S hit by poor Christmas sales
(20 minutes later)
Marks & Spencer has reported a 2.2% drop in quarterly sales for the three months to the end of December. Retailing giant Marks and Spencer has reported a fall in sales over the key Christmas trading period, adding to signs of a slowdown in spending.
The fall in like-for-like sales was particularly notable for general merchandise which dropped 3.2%. UK like-for-like sales fell 2.2% in the last three months of 2007, M&S's worst quarter for more than two years.
The retailing giant said "trading conditions became more challenging in November and December" adding that conditions would remain tough in 2008. Sales of clothes and homeware were hit especially hard, falling 3.2%, while food sales dropped 1.5%.
Other retailers have also reported weaker sales over Christmas as consumers rein in spending. M&S said trading conditions were "more challenging" in November and December and would remain tough in 2008.
As well as general merchandise falling, sales of food dropped 1.5% year-on-year. In contrast to its poor results at home, however, M&S's international sales rose 15.1%.
In contrast to poor results at home, however, international sales rose 15.1%. Other firms have also been hit over Christmas as consumers spend less.
On Monday, the British Retail Consortium said UK retailers had seen the slowest sales growth in December for three years, with sales up by just 0.3%. On Monday, the British Retail Consortium said UK retailers had seen the slowest sales growth in December for three years, with sales up by just 0.3% year-on-year.