Marks And Spencer Group Plc Quarter 3 2007/08 - Interim Management Statement 13 weeks to 29 December 2007
- Group sales up 2.8%
- UK sales up 2.0%: General Merchandise - 0.7%(1); Food +5.1%
- UK like for like sales -2.2%: General Merchandise -3.2%; Food -1.5%
- 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 did not 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.
(1) Clothing -1.2%; Home +3.2%
(2) Clothing market share: TNS Worldpanel Fashion: 12 weeks ending 11 Nov 2007
(3) Food market share: Superpanel, Food & drink: 12 weeks ending 2 Dec 2007
Source : Marks and Spencer plc
- Group sales up 2.8%
- UK sales up 2.0%: General Merchandise - 0.7%(1); Food +5.1%
- UK like for like sales -2.2%: General Merchandise -3.2%; Food -1.5%
- 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 did not 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.
(1) Clothing -1.2%; Home +3.2%
(2) Clothing market share: TNS Worldpanel Fashion: 12 weeks ending 11 Nov 2007
(3) Food market share: Superpanel, Food & drink: 12 weeks ending 2 Dec 2007
Source : Marks and Spencer plc
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