M&S has hailed strong Christmas trading, posting a better-than-expected 8.1% rise in like-for-like sales over the golden quarter as its turnaround plan continues to bear fruit.
The department store and food retailer saw UK sales surge to £3.6bn in the 13 weeks to 30 December, driven by market-leading growth in food and a strong performance in womenswear.
M&S food sales rocketed 10.5% to £2.3bn, up 9.9% on a like-for-like basis and 7% in volume growth.
M&S chief executive Stuart Machin said the retailer’s “core categories grew strongly and its [larger stores] performed particularly well as more customers looked to us for more of their full shop”.
It added that its “Remarksable Value” offer also performed strongly, with sales surging 18% over the golden quarter.
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Clothing and home sales rose 4.8% to £1.2bn during the golden quarter, also up 4.8% on a like-for-like basis, boosted by a 10.9% increase in online revenue and 2% lift in store sales.
The retailer attributed the growth to “a strong performance of womenswear” and a rise in average selling price, partly as a result of 6% reduction of stock going into sale.
Machin said: “Our strategy to reshape M&S for growth has enabled sustained sales momentum across food and clothing and home over the Christmas period.”
”We enter 2024 with a spring in our step, but clear eyed on the near-term challenges.
“We are determined to deliver our objective of driving 1% growth in market share in both businesses and to up the pace of our transformation: keeping a relentless focus on trusted value; accelerating our store rotation and renewal plans; doubling down on our supply chain programmes to improve availability and lower costs; and resetting our data, digital and technology strategy to unlock benefits in future years.
“Our vision is to be the most trusted retailer, doing the right thing for our customers, with quality products at the heart of everything we do, and we are just at the beginning of what we can achieve. Lots done, lots to do, lots of opportunity ahead.”
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