Retailer Marks & Spencer said like-for-like sales rose more than 8 per cent over the Christmas trading period, driven by growth in food and a strong performance in womenswear.
Like-for-like food sales at its UK stores rose 9.9 per cent in the 13 weeks to December 30th, ahead of the most optimistic analyst forecasts, while clothing and home growth of 4.8 per cent also soundly beat market expectations of a 2.8 per cent rise.
Overall, sales grew 7.2 per cent, with international sales down 6.4 per cent.
In Ireland, where the company employs 1,900 staff across its store network and support centre, M&S increased the range of Irish producers in its food business, including fresh turkeys from Grove Farm and Lir Chocolates, with plans to continue increasing its local supply base.
Yes, the US has higher income per capita than Europe, but what is the real measure of a wealthy nation?
Your work questions answered: Can bonuses be deducted pro-rata during a maternity leave?
China the key for tech’s raw materials whether Trump likes it or not
Belfast-based watchmaker Nomadic moves with the times to reinvent retail experience
Chief executive Stuart Machin said M&S had “sustained sales momentum” across food and clothing and home over the Christmas period.
“We enter 2024 with a spring in our step, but clear-eyed on the near-term challenges,” he said.
The 140-year old group, whose quality food offer is a favourite with festive shoppers, said it faced additional cost increases from higher-than-anticipated wage and business rates related cost inflation.
But it said its strong Christmas trading performance provided confidence it would meet forecasts for the year.
Analysts currently expect pretax profit for the full year before adjusting items to come in at £663 million (€770 million), up from £482 million. - Additional reporting: Reuters
- Sign up for Business push alerts and have the best news, analysis and comment delivered directly to your phone
- Find The Irish Times on WhatsApp and stay up to date
- Our Inside Business podcast is published weekly - Find the latest episode here
