Marks & Spencer reports 8% rise in sales

Marks & Spencer has posted an 8.2 per cent rise in first-quarter, same-store sales.

Marks & Spencer has posted an 8.2 per cent rise in first-quarter, same-store sales.

In an update today before its annual shareholder meeting where Paul Myners steps down as chairman, M&S said like-for-like general merchandise sales rose 10.5 per cent in the 13 weeks to July 1st, with food sales up 5.8 per cent on the same basis.

M&S said its latest quarterly performance was encouraging, although it noted that the figures were set against what it described as soft comparable year-ago figures.

The company's underlying general merchandise sales fell 11.2 per cent a year ago, while food sales rose 0.7 per cent to give an overall like-for-like decline of 5.4 per cent.

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The inclusion of Easter in the first quarter this year added around 0.8 per cent to general merchandise and food sales.

"Despite the challenging trading environment, we are confident that we can continue to drive the business profitably," M&S chief executive Stuart Rose said.

Mr Rose said M&S, which is two years into a three-year recovery plan, was creating 4,000 new jobs in its stores as new selling space becomes available.