Marks & Spencer has announced that it anticipates its full fiscal-year results will align with market expectations following a robust performance during the crucial Christmas period.
During the 13 weeks leading up to December 30, the U.K. retailer reported a 7.2% increase in group sales. The growth was mainly driven by food division sales, which soared by 11%, while the clothing & home unit also experienced a commendable sales increase of 4.8%.
Stuart Machin, Chief Executive of Marks & Spencer, attributed the success to the company's strategy of reshaping M&S for growth. He stated, "Our strategy to reshape M&S for growth has enabled sustained sales momentum across Food and Clothing & Home over the Christmas period."
In terms of specific regions, total U.K. sales climbed by 8.5%, while international sales faced a decline of 6.4%.
Despite starting the year on a positive note, Marks & Spencer acknowledges the existence of near-term challenges. They specifically mentioned consumer and geopolitical risks, as well as additional cost increases stemming from higher-than-anticipated wage and business rates related cost inflation.
Nonetheless, buoyed by the strong Christmas trading performance, Marks & Spencer expressed confidence in achieving results that align with market expectations.
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