M&S Christmas sales forecast surge in homeware and clothing

Company - Mohit Shah - Jan 12,2017

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m and s christmas sales forecast surge in homeware and clothing

Marks and Spencer has reported a surge in the sales of Christmas clothing and homeware for the first time in the last two years.

The M& S Christmas sales rose by 2.3%, well above the expected mark of 0.5%.

The chief executive of M&S, Steve Rowe said better ranges, better prices and better availability has helped the sales to restore.

However, the significant growth was guided by the timing of Christmas, which offered extra shopping days to the customers.

The figures were revealed on a bumper day for retail results, with trading revisions from John Lewis, Debenhams, Tesco and Primark owner ABF.

M&S had predicted that the timing of Christmas had increased the clothing and home sales growth by 1.5% and 0.3% for food.

Analysts have broadly welcomed these latest reports. Bryan Roberts, global insight director at TCC Global, stated that it might be a mark of some green shoots in that part of the business.

The improvement in the company’s performance has come after a poor set of figures during 2015 Christmas. Moreover, on the same day after the declaration of the figures, M&S said that chief executive Marc Bolland was leaving his post and Steve Rowe would replace him.

Mr. Rowe has been active in offering fresh plans since his appointment. He has taken important actions, including cutting prices for close to a third of the ranges and enhancing the count of staff members on the shop floors.

In September, Mr. Rowe announced that more than 500 senior jobs would be trimmed, and, two months later, stated plans in November to shut down around 30 UK stores and transform 45 other into food-only shops.

Marks and Spencer has also announced its intentions to close some of its overseas outlets.