Marks and Spencer Group Plc recently released an interim management statement for Q3 business 2007/08.
The statement reveals that group sales increased 2.8%, with UK sales up 2%. Other figures included in the statement are: General Merchandise -0.7%; Food +5.1%; UK like for like sales -2.2%; General Merchandise -3.2%; Food -1.5%; and International Sales up 15.1%.
Sir Stuart Rose, Chief Executive, said: “Market conditions became more challenging through November and December. We continued to drive footfall, and volume growth in General Merchandise was strong at 5%. Price deflation was 6%, reflecting our continued focus on offering customers better values. We held market share in General Merchandise at 10.6%(2) and in Food at 4.3%(3).
“We didn’t discount in the run up to Christmas. Stock levels were well controlled over the period. We had a strong start to the Christmas Sale and sale stocks have now cleared.
“Direct was strong, with sales from our website up 78%, reflecting further growth in customer numbers, transactions and conversion. International also performed well, with sales up 15.1% over the period.
“We expect trading conditions to remain tough throughout 2008. We are well positioned with a strong product offer and better than ever values across our business. We now have 70% of our stores in the modernised format and a strong pipeline of new space for 2008 and beyond. Direct and International continue to make good progress.
“Since 6 November, we have repurchased 1.18% of our shares in issue at a cost of £124.8m.”
Marks and Spencer Group Plc will report its 2007/08 Preliminary results and Q4 trading for the 13 weeks to 29 March 2008 on 20 May 2008.
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