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Marks & Spencer Group PLC on Thursday said it outperformed the market ‘on volume and value’ in the key four-week Christmas period.
In the third quarter, covering the 13 weeks to December 31, group sales of the London-based food and clothing retailer improved 9.9% year-on-year to £3.60 billion. Food sales rose 10% to £2.11 billion. In Clothing & Home, sales rose 8.8% to £1.18 billion. International sales grew by 13% to £312 million, as M&S cited ‘strong’ retail sales performance in franchise markets in the Middle East and India.
‘M&S Food outperformed the market on volume and value in the critical four-week Christmas period for the second year running and reached its highest ever recorded market share. Clothing & Home delivered another outstanding performance, maintaining its market leadership position with its highest market share in seven years,’ M&S said.
Noting inflation, the UK high-street salwart said it is working on reducing costs and to drive growth.
Marks & Spencer will release its annual results for the year ending April 2 on May 24.
Marks & Spencer shares were 0.7% lower at 142.42 pence each in London on Thursday morning.
By Tom Budszus, Alliance News reporter
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