M&S shares rise on results and 8% increase in ecommerce

Marks & Spencer posted a better-than-expected set of fourth quarter results, albeit among yet another set of declines in general merchandise.

The increase in ecommerce, accompanied by a rise in customer satisfaction, came as overall sales rose by 4 per cent but like-for-like sales, which strips out the effect of store openings and closures, stayed flat. Online, the company improved website speed, navigation and ran fewer online-only promotions. This, it said, gave customers “a more consistent shopping experience across our channels.”

Group sales at the high street giant were up 1.9 per cent in the 13 weeks to 26 March, but as with all of its results in the last few years, this was largely down to M&S’ food division, which grew sales four per cent.

But today’s figures are the 20th time in 21 quarters that clothing sales fell or were flat.

General merchandise sales slipped 1.9 per cent, while like-for-likes were down 2.7 per cent – less than the three per cent widely predicted or the four per cent drop that some analysts had forecast. Sales at M&S.com grew 8.2 per cent.

Chief executive Steve Rowe said his priority would be to turn around the clothing and home business by improving the customer offer. He added, “I am very proud and privileged to be leading M&S. We are focused on getting even closer to our customers and putting them at the heart of everything we do.”

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