Marks and Spencer’s has said that its like-for-like sales rose by just 0.8% (not counting newly opened stores) during the three months to Boxing Day, well below the predicted 2% rise. While the company’s overall total like-for-like sales grew by 1.2% and food sales rose by 0.4%, share prices fell by 4.25% on the news.
Speaking to the BBC, M &S chairman Sir Stuart Rose said that the company had had a good Christmas, but 2010 would still be a tough year. He added: “2009 was all about getting through the recession” and that, “We have done pretty well in getting ourselves back into positive territory”.
These latest Marks and Spencer’s sales figures come after the John Lewis group posted record sales over the Christmas period. John Lewis reported a like-for-like sales rise of 12.7% for the five weeks up to the 2nd January and a total revenue of £500.8 million. Waitrose Supermarket, who is owned by John Lewis also posted a 20.8% sales rise from the previous year.
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