Shares in M&S fell 5.6 per cent in the 13 weeks to Christmas
MARKS and Spencer sales fell over the festive period, while Tesco reported record trade.
M&S said like-for-like revenues fell 1.4 per cent in the 13 weeks to December 30 while Tesco’s UK sales rose 2.3 per cent in the 19 weeks to January 6.
Though Tesco said it enjoyed “record sales and volumes” in the four weeks up to Christmas Day, its shares fell by 4.8 per cent while shares in M&S fell 5.6 per cent.
The retailers blamed tough trading conditions, with Tesco speaking of “inflationary pressures” and M&S referring to “ongoing trading pressures”.
M&S chief executive Steve Rowe said the quarter was marked by “a weak clothing market in October and ongoing underperformance in our food like-for-like sales”.
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