British retailer Marks and Spencer said today its revival was gathering pace, as sales in the latest quarter jumped 10.9 per cent.
Marks and Spencer said its clothing footwear and gifts segment reported 16.5-per cent growth in the 11 weeks to the end of March. Full annual results are to be reported next month.
Investors applauded the growth, bidding up M&S stock 2.7 per cent to 411.5 pence in a lower overall market.
"I am delighted that our customers continue to react positively to the ongoing improvements we are making to the appeal of our clothing and to the store environment," said Marks and Spencer chairman and chief executive Mr Luc Vandevelde.
"More customers are visiting our stores, being tempted to buy and spending more with us," he added.
But he said M&S was not assuming that consumer spending would persist at current lively levels and warned that it would be "more challenging" to sustain the current rate of sales growth through the rest of the year.
Marks and Spencer, fell dramatically from grace during the late 1990s due to uninspiring clothing ranges, but has since experienced a mini-revival, with a turnaround in sales and profits.
AFP