British store chain Marks & Spencer’s turnover grew several percent in the first quarter of its fiscal year 2017/2018. Nevertheless, the chain failed to turn the tide in its clothes division.
Strong food sales
Marks & Spencer’s total first quarter turnover reached 2.53 billion pounds (2.9 billion euro), up 2.7 % compared to the year before. In its home territory where it generates the bulk of its turnover, Great Britain, it managed a 2.6 % turnover increase. However, looking at like-for-like turnover, Britain would have slumped 0.5 %.
The chain particularly benefited from its increased food sales, up 4.5 % compared to the year before. The Clothing & Home division still has not been able to turn the page and fell another 0.5 % in turnover. “Trading in the first quarter was in line with our expectations and we are on track with delivery of the plan we announced last year”, CEO Steve Rowe said.
In the meantime, Marks & Spencer continues to offload its international stores: 28 of its 53 non-UK stores have been closed and the market abroad only contributed 272.3 million pounds (300 million euro) to its overall turnover. It also shut down several onerous stores in the United Kingdom as well.
