M&S has reported a “mixed” Q3 (to 30th December 2017), with Clothing and Home sales down -2.8% on a LFL basis.
The retailer’s strategy to restore price integrity and improve everyday value in this department continued, and revenue – both in-store and online over the weeks leading up to Christmas – grew.
M&S says it adhered to its full price stance despite the promotional nature of the period, and did not participate in Black Friday. However, the impact of an unseasonal October resulted in an overall revenue decline, and more stock was carried into the December sale as a result.
Chief executive Steve Rowe says: “We continue with the accelerated transformation programme we outlined in November and have recently taken several important steps to reshape the business for the future. These include a new technology partnership and organisation, and the sale of our Hong Kong-based business in line with the streamlined franchise-led model we are adopting for international.”