M&S reports drop in Q3 revenue

Marks and Spencer Group Plc (M&S) for the 13 weeks to December 30, 2017 reported 0.1 percent decline in group revenue to 3,167 million pounds (4,272 million dollars). Total sales in UK however improved 1.1 percent to 2,858 million pounds (3,855 million dollars), while like-for-like sales decreased 1.4 percent in the quarter. The company’s clothing & home sales in the UK were down 2.3 percent to 1,192 million pounds (1,607.8 million dollars), while the segment’s like-for-like sales dropped 2.8 percent.

Commenting on the third quarter trading, Steve Rowe, the company’s Chief Executive said in a statement: “M&S had a mixed quarter with better Christmas trading in both businesses going some way to offset a weak clothing market in October. As a result, full year guidance remains unchanged. In clothing & home, we continued with our strategy of restoring price integrity and improving everyday value. Our revenue grew both in-store and online over the weeks leading up to Christmas, however, the impact of an unseasonal October resulted in an overall revenue decline. International revenue was down, reflecting the completion of the planned closure of owned stores in loss-making markets.”

International sales during the quarter declined 9.8 percent to 309 million pounds (416.6 million dollars), while M&S.com sales of 309 million pounds improved 3 percent.

Picture:M&S website