|Food lifts Marks & Spencer sales, China growth strong
Retailer Marks & Spencer, which operates 15 stores in Hong Kong, posted rising fourth-quarter sales, boosted by strong performances for clothing and food, and also at its international division.
The company has 15 stores in Shanghai, according to an investor update earlier this month in Paris, France.
Sales in the quarter climbed 1.9 percent in the 13 weeks to March 29, compared with the same period of the group's previous financial year, M&S said in a trading update in London today.
In its home market Britain, sales grew 1.5 percent, but fell by 0.2 percent on a like-for-like basis that strips out the impact of new floor space.
M&S added that clothing sales rallied 1.3 percent in the reporting period, aided by “clear signs'' of a recovery in women’s wear.
Food sales gained by 2.5 percent, while general merchandise added a mere 0.2 percent. In overseas markets, M&S sells frozen food.
Sales at stores outside Britain was up by 4.7 percent, aided by “strong performances’’ in India, in flagship stores in China, and in the Gulf.
Chief executive Marc Bolland women’s wear, showed “clear signs of improvement and performed ahead of clothing.’’
Investors welcomed the news. M&S shares rallied by 2 percent at 465.1 pence in early morning deals on the FTSE 100 index, which was 0.36 percent higher at 6,660.60 points.
Full-year results are due on May 20.—AFP/The Standard