M&S posts 5.4% jump Q1 sales
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Marks & Spencer on posted a 5.4 per cent jump in first quarter sales from the year-ago period, which as it was boosted by increased demand for its fashions.
Britains largest clothing retailer said same-store sales rose 3.8 per cent in the 15 weeks to July 12 with sales in the apparel and footwear division up 3.9 per cent from the same period of 2002.
M&S revealed its clothing performance was driven by a three per cent increase in volumes but admitted childrenswear sales, which include the David Beckham-backed DB07 range, continued to under-perform.
Chief executive Roger Holmes said: "We had a satisfactory first quarter in which we saw an improvement in clothing performance, particularly in June, with good food sales throughout the period."
He said "sales progress has been made in adult clothing, particularly in Per Una, together with improved performance in women's and men's formalwear", adding "childrenswear continues to under-perform although there have been some signs of progress".
"We are still expecting the retail market to be relatively subdued, particularly in contrast to a year ago," he continued.
"When we talked last time about expecting the clothing market to grow in a range of one to three per cent for this year I don't see any reason to change that."