Marks and Spencer Group Plc, a prominent player in the retail sector (MAKSY.PK, MAKSF.PK, MKS.L), announced on Thursday a 5.6% increase in group sales to £4.06 billion during the 13-week Christmas trading period, with notable growth in the UK and ROI regions.
Looking forward, Marks and Spencer expressed confidence in continued progress throughout the remainder of the fiscal year.
In their Christmas trading update, the company reported a 5.9% year-over-year increase in total UK and ROI sales, reaching £3.89 billion. This growth was driven by an 8.7% rise in Food sales and a 1% increase in Clothing, Home & Beauty sales.
For the UK and ROI regions, like-for-like (LFL) sales grew by 6.4%, with Food sales experiencing an 8.9% rise and Clothing, Home & Beauty sales growing by 1.9%, outperforming the market in challenging conditions.
Marks and Spencer maintained a 6.6% volume growth in the UK from the first half into the Christmas period, fueled by an increase in customers and transactions.
However, International sales saw a decrease of 2.8% from the previous year, totaling £178 million during the 13-week period. This decline was primarily due to ongoing challenging market conditions in India and the timing of franchise shipments.
Chief Executive Stuart Machin stated, "This was another strong Christmas for M&S, building on last year's impressive performance. Sales records were broken across the business, with Food achieving its biggest day, and Clothing, Home & Beauty online its biggest week. However, as a growth-focused business, our goal remains to continue breaking records."
The material has been provided by InstaForex Company -
www.instaforex.com
