How did sales rise?
Marks & Spencer’s clothing and home sales grew over the Christmas period to a post growth of 2.3 per cent. This comes as good news for the company since M&S struggled with a long period of decline.
It was the first period of like-for-like growth for the company for nearly two years and comes as the first over the festive season for six years.
The news comes after Steve Rowe took over in April.
Food sales saw a rise of 0.6 per cent in the 13 weeks leading up to the 31 December.
The update comes as supermarket chains across the UK have revealed sale figures over Christmas.
M&S has said a lot of the improvement is due to change in the reporting period covered compared to last Christmas.
Rowe said the company has scaled back its discount offers which can boost revenues but put more pressure on profit margins.
Rowe said: “In clothing and home, better ranges, better availability and better prices helped to improve our performance in a difficult marketplace.”
“We also continued to substantially reduce discounting, including over Black Friday.”