Published Date:
01 July 2009
HIGH-STREET giant Marks and Spencer today reported a smaller than expected drop in its first-quarter underlying sales.
The retail chain said sales at its UK stores open for more than a year fell by 1.4 per cent in the 13 weeks to 27 June, after a fourth-quarter drop of 4.2 per cent.
The figures mark the seventh consecutive quarterly drop in sales but they beat a forecast by analysts of a 1.8 to 3.5 per cent drop. It is also the company's best performance since the second quarter of its 2007/08 year.
Executive chairman Stuart Rose said: "Consumer confidence appears to be stabilising.
"However, we remain cautious about the outlook for the remainder of this and next year and will continue to run the business accordingly."
The full article contains 140 words and appears in Edinburgh Evening News newspaper.
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Last Updated:
01 July 2009 10:59 AM
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Source:
Edinburgh Evening News
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Location:
Edinburgh
