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| M&S chief hails sales 'recovery' | M&S chief hails sales 'recovery' |
| (about 1 hour later) | |
| Marks and Spencer's boss Stuart Rose has at last acknowledged a "recovery" at the iconic chain after a sales surge in the lead up to Christmas. | Marks and Spencer's boss Stuart Rose has at last acknowledged a "recovery" at the iconic chain after a sales surge in the lead up to Christmas. |
| The retailer said like-for-like sales - which ignore sales at new stores - in the October to December period were up 5.6% on the same period a year ago. | The retailer said like-for-like sales - which ignore sales at new stores - in the October to December period were up 5.6% on the same period a year ago. |
| M&S, which is the UK's biggest seller of womenswear, has now snared a 10.5% share of the UK clothes market. | M&S, which is the UK's biggest seller of womenswear, has now snared a 10.5% share of the UK clothes market. |
| Mr Rose had until now refused to use what he calls "the R-word". | Mr Rose had until now refused to use what he calls "the R-word". |
| Track the M&S recovery | |
| But the M&S chief executive said: "We have now delivered growth on growth in all areas of our business, thus completing the first part of our recovery plan." | But the M&S chief executive said: "We have now delivered growth on growth in all areas of our business, thus completing the first part of our recovery plan." |
| Demand for its food grew 3.6% on the same period a year ago, buoyed by a well-received advertising campaign with the voice-over "this is not just food, this is M&S food". | Demand for its food grew 3.6% on the same period a year ago, buoyed by a well-received advertising campaign with the voice-over "this is not just food, this is M&S food". |
| Famous faces | |
| Much of M&S's recent success has been put down to its award-winning womenswear adverts, which feature 1960s fashion icon Twiggy and Elizabeth Jagger - daughter of Rolling Stones frontman Mick Jagger. | Much of M&S's recent success has been put down to its award-winning womenswear adverts, which feature 1960s fashion icon Twiggy and Elizabeth Jagger - daughter of Rolling Stones frontman Mick Jagger. |
| Like-for-like sales in general merchandise, which includes clothes, were up 7.1% in the three-month period. | Like-for-like sales in general merchandise, which includes clothes, were up 7.1% in the three-month period. |
| M&S had a good Christmas Stuart Rose, M&S chief executive Send us your comments Check the M&S share price | |
| When new and expanded stores are considered, total sales growth was 9.2%. | When new and expanded stores are considered, total sales growth was 9.2%. |
| M&S said its website attracted nine million customers in the period, with internet sales up 70%. | M&S said its website attracted nine million customers in the period, with internet sales up 70%. |
| Overall third quarter growth was slower than the first and second quarters and Mr Rose said that the tough trading environment showed no sign of easing. | Overall third quarter growth was slower than the first and second quarters and Mr Rose said that the tough trading environment showed no sign of easing. |
| "M&S had a good Christmas," he said. "In the fourth quarter, we come up against significantly tougher comparatives, whilst facing a more challenging retail environment." | "M&S had a good Christmas," he said. "In the fourth quarter, we come up against significantly tougher comparatives, whilst facing a more challenging retail environment." |
| He told the BBC that he was a "bit worried" about overall High Street spending in the spring. | He told the BBC that he was a "bit worried" about overall High Street spending in the spring. |
| "Customers are tightening their belts," he said. | "Customers are tightening their belts," he said. |
| These concerns were evident in London on Tuesday, and M&S shares fell 2% after the company's earnings figures failed to beat analysts' estimates. | |
| "The recovery remains on track, although the share price probably factors much of that in already," said Mark Charnock, an analyst at Investec Securities. | |
| Seymour Pierce stockbrokers' retail expert Richard Ratner, said that M&S was "one of the clear winners this Christmas". | |
| Return to top | |
| (1) Stuart Rose appointed as chief executive (2) M&S reject Philip Green's 400p-a-share takeover offer (3) Sales at the chain rise for first time in almost two years (4) Annual sales see a sharp rise (5) Half yearly profits soar |