Marks & Spencer saw like-for-like revenues fall 1.4% in the 13 weeks to 30th December. Clothing and homewear slumped by 2.8% and food, usually the retailer’s star performer, by 0.4%.
M&S Chief Executive Steve Rowe says: “We had a mixed quarter with better Christmas trading in both businesses going some way to offset a weak clothing market in October and ongoing underperformance in our Food like-for-like sales. As a result, full year guidance remains unchanged.”
The poor performance closely follows the announcement of a new technology transformation programme as the struggling retailer looks “to become a digital-first business and deliver an improvement in customer experience”. Rowe comments: “We continue with the accelerated transformation programme we outlined in November and have recently taken several important steps to reshape the business for the future. These include a new technology partnership and organisation, and the sale of our Hong Kong based business in line with the streamlined franchise-led model we are adopting for International.”