This article is from the source 'bbc' and was first published or seen on . It will not be checked again for changes.
You can find the current article at its original source at http://news.bbc.co.uk/go/rss/-/1/hi/business/7178301.stm
The article has changed 17 times. There is an RSS feed of changes available.
| Version 3 | Version 4 |
|---|---|
| M&S hit by poor Christmas sales | M&S hit by poor Christmas sales |
| (10 minutes later) | |
| Retailing giant Marks and Spencer has reported a fall in sales over the key Christmas trading period, adding to signs of slower UK consumer spending. | Retailing giant Marks and Spencer has reported a fall in sales over the key Christmas trading period, adding to signs of slower UK consumer spending. |
| 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. | 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. |
| Sales of clothes and homeware sales were especially hard hit, falling 3.2%, while food sales dropped 1.5%. | |
| M&S said trading conditions were "more challenging" in November and December and would remain tough in 2008. | M&S said trading conditions were "more challenging" in November and December and would remain tough in 2008. |
| In contrast to its poor results at home, however, M&S's international sales rose 15.1%. | In contrast to its poor results at home, however, M&S's international sales rose 15.1%. |
| Shares in the firm fell 17% soon after the announcement to 420p. | |
| Slowdown | Slowdown |
| Other retailers have also been hit over Christmas as consumers pull back their spending. | Other retailers have also been hit over Christmas as consumers pull back their spending. |
| The High Street boom is over Robert Peston, BBC business editor Read Robert Peston's blog class="" href="http://newsvote.bbc.co.uk/1/shared/fds/hi/business/market_data/shares/3/23190/intraday.stm">See M&S shareprice | |
| 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. | 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. |
| Talking to the BBC, M&S chief executive Sir Stuart Rose said the UK High Street "has definitely slowed up". | Talking to the BBC, M&S chief executive Sir Stuart Rose said the UK High Street "has definitely slowed up". |
| But M&S said that unlike other shops it had not discounted heavily to shift its stock. | But M&S said that unlike other shops it had not discounted heavily to shift its stock. |
| "We did not discount in the run-up to Christmas," Sir Stuart said. | |
| "Stock levels were well controlled over the period. We had a strong start to the Christmas Sale and sale stocks have now cleared," he said. | "Stock levels were well controlled over the period. We had a strong start to the Christmas Sale and sale stocks have now cleared," he said. |
| Website sales were particularly strong, adding 78% during the quarter. | Website sales were particularly strong, adding 78% during the quarter. |
| Sir Stuart said conditions in the clothing market were tougher than they had been for 10 years - but added that certain sectors like food had improved their outlook. | Sir Stuart said conditions in the clothing market were tougher than they had been for 10 years - but added that certain sectors like food had improved their outlook. |
| Looking ahead, the firm said its plan to update its stores had been applied to 70% of its shops adding that a "strong pipeline of new space for 2008 and beyond" was planned. | Looking ahead, the firm said its plan to update its stores had been applied to 70% of its shops adding that a "strong pipeline of new space for 2008 and beyond" was planned. |