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Pin to quick picksMarks & Spencer Share News (MKS)

Share Price Information for Marks & Spencer (MKS)

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Share Price: 291.90
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M&S's non-food sales fall for 11th straight quarter

Thu, 10th Apr 2014 06:14

LONDON, April 10 (Reuters) - British retailer Marks &Spencer's non-food sales fell for an eleventhconsecutive quarter, the firm said on Thursday, increasing thepressure on management to explain why heavy investment has notyet delivered an anticipated turnaround.

The UK's biggest clothing retailer, which also sellshomewares and food, said sales of non-food products, spanningclothing, footwear and homewares, at stores open over a yearfell 0.6 percent in the 13 weeks to March 29, its fiscal fourthquarter.

That compared with analysts' forecasts in a range of down0.5 percent to 1.5 percent, a third quarter decline of 2.1percent which included the key Christmas period, and a fall of3.8 percent in the same period last year.

Within the non-food like-for-like figure M&S said clothinglike-for-like sales rose 0.6 percent.

M&S's food business, which contributes over half of groupsales but less profit, is performing better, though even heregrowth slowed.

Its sales on the same basis rose 0.1 percent versusanalysts' forecasts in a range of flat to up 0.5 percent and athird quarter rise of 1.6 percent.

M&S's performance was held back by Easter not falling in itsfourth quarter, as it did last year.

Adjusting for the impact of later Easter timing,like-for-like food sales were up 1.8 percent M&S said. (Reporting by James Davey; editing by Kate Holton)

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