M&S London overpowers forecasts with clothing growth
January 15 , 2017
Marks & Spencer (M&S) has swiftly over numbered its forecasts for Christmas trading. The Britain based apparel retailer has recorded its first quarterly increase in clothing and homeware sales in nearly two years, which is quite a welcome for the new boss Steve Rowe.
After joining the office in April, Rowe has brought about the latest in a series of recovery strategies for the brand’s underperforming apparel and homeware segment. What he witnessed was an unexpected 2.3 percent hike in the division's like-for-like sales in the 13 weeks to Dec.
In words of Chief Executive Rowe, M&S is one of the popular names on the British high street. However he added, he was very sure that there is a lot more to do. Clothing sales grew by a marginal 0.2 percent, while food sales were also up by 0.6 percent. M&S's numbers were amped by five days of the busy post-Christmas sale into the quarter. This positively affected with about 1.5 percent hike in clothing and 0.3 percent on food.
Rowe is confident that his strategy is bringing results, adding that customers looking for options have responded to M&S’s ranges, availability and prices.
This is the first time, the 133-year-old company had gained market share in full-price clothing for about seven years.