Marks & Spencer posted mixed results today as its clothing range continued to decline, although its food business managed to make slight gains.
Food saw like-for-like quarterly sales rise 1.8% on last year, but this was not enough to offset falling fashion sales, which dropped by 1.6%.
Chief executive Marc Bolland will now have to face M&S shareholders at the annual meeting at Wembley Stadium to explain the store’s eighth consecutive quarterly fall in general merchandise.
Back in January, LondonlovesBusiness columnist James Max wrote an excellent column explaining the various problems facing M&S, which is worth a read if you want to understand the background to all this.
There are some small signs of a turnaround. Online sales at M&S were up almost 30% and international sales up 8.7%. The appointment of Belinda Earl, M&S’s new style director, formerly from Jaeger, has also been well received.