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| M&S blames 'unseasonable' weather as clothing sales fall | M&S blames 'unseasonable' weather as clothing sales fall |
| (35 minutes later) | |
| Marks and Spencer has reported its 13th consecutive quarterly drop in clothing sales, blaming the "unseasonable conditions in September" for the poor performance. | Marks and Spencer has reported its 13th consecutive quarterly drop in clothing sales, blaming the "unseasonable conditions in September" for the poor performance. |
| The 130-year old retailer said like-for-like general merchandise sales - which are primarily clothing - fell 4% in the second quarter. | The 130-year old retailer said like-for-like general merchandise sales - which are primarily clothing - fell 4% in the second quarter. |
| Despite the drop M&S boss Marc Bolland said he was "pleased" with its progress in "challenging market conditions". | |
| Shares rose 8% in early trading. | |
| Analysts said the High Street chain's performance was largely better than expected. | |
| Half-year pre-tax profit fell 0.4% to £279.4m, but underlying profits rose 2.3% to £267.6m which was ahead of analysts' expectations. | Half-year pre-tax profit fell 0.4% to £279.4m, but underlying profits rose 2.3% to £267.6m which was ahead of analysts' expectations. |
| Online sales at its revamped website, which was re-launched in February, were down 4.6% in the second quarter, but this was an improvement on the 8.1% drop it reported in the previous quarter. | Online sales at its revamped website, which was re-launched in February, were down 4.6% in the second quarter, but this was an improvement on the 8.1% drop it reported in the previous quarter. |
| And M&S said sales of womenswear also continued to improve. It did not give a quarterly performance, but said total sales were up 1.3% in the first five months of the year. | And M&S said sales of womenswear also continued to improve. It did not give a quarterly performance, but said total sales were up 1.3% in the first five months of the year. |
| In food, like-for-like sales rose 0.2% in the second quarter, much weaker than the 1.7% rise in food sales seen in the first quarter, but inline with analyst forecasts. | |
| Across the M&S group, like-for-like sales fell 0.2% in the three months to 27 September, but were up 1% for the half-year. | |
| 'Glimmer of hope' | |
| Neil Saunders, managing director of Conlumino, said the results suggested the overall picture was improving, with the pick-up in womenswear sales suggesting "the years of decline may well have bottomed out". | |
| "Beneath the surface some faint glimmers of hope are beginning to shine through as the company's strategy starts to deliver," he added. | |
| Mr Bolland told the BBC's Today programme that he was encouraged by improvements in things like womenswear. | |
| "The trend is positive. Customers are telling us the style is back at M&S," he said. | |
| Mr Bolland said people should disregard September due to the warm weather, and said without that month womenswear sales had risen. | |
| However, he said market conditions continued to be challenging. | However, he said market conditions continued to be challenging. |
| "As a result we remain cautious about the outlook for the remainder of the year," he added. | "As a result we remain cautious about the outlook for the remainder of the year," he added. |
| M&S is not the only retailer to blame the unusually warm September for affecting trade. | M&S is not the only retailer to blame the unusually warm September for affecting trade. |
| Clothing retailers H&M and Next have both said that the weather has hit sales. | Clothing retailers H&M and Next have both said that the weather has hit sales. |