Britain’s biggest retailer, Marks & Spencer, has revealed a drop in clothes sales for the seventh quarter in a row. Like for like general merchandise sales at the high street chain, which attracts 21m customers a week to its 7000 stores, dropped3.8pc in its fourth quarter – not as much as the 6pc fall that some analysts were expecting but still too much for some investors who are growing impatient with Marc Bolland. The chief executive pointed out to the continuing strong performance in food – like for like sales are up 4pc and 6.3pc in total, resulting in overall group sales growth of 2.6pc which M&S says is the strongest quarterly growth for two years. Still Mr Bolland said he’s “working hard on improving our performance.”
Better news from WH Smiths today which has announced a storming 5pc jump in pre-tax profits for the six months to February to £69m beating most analysts’ expectations. The retailer, in its last year with Kate Swann at the helm, has reported a 7pc growth in trading profits in its travel shops to £29pc but a 2pc rise in high street sales too to £48m. The group has announced that Henry Staunton, current senior independent director at WH Smith, has been appointed as the new chairman replacing Walker Boyd. Mr Boyd said he will step down in September “after completing the successful transition” of Swann, who leaves in June, to Steve Clarke.
has announced a 4.8pc drop in group sales in its fourth quarter up-date with total UK sales leading the plunge, down 5.1pc. Like for like, UK sales were flat. The baby retailer, which is a year into its three year turnaround, said internet sales jumped sharply by 18.2pc and international sales rose 15pc. Simon Calver, chief executive, said he was looking forward to the new year “with confidence.” We’ll see if investors feel the same.