Well, no one really saw this one coming. Marks and Spencer (MKS) has reported a recovery in clothing and home sales over the festive period - well ahead of the market's expectations. "Better ranges, better availability and better prices" all contributed to a 3.1 per cent jump in clothing and home sales, according to chief executive Steve Rowe, as did a substantial reduction in promotional activity around Black Friday. Like-for-like sales at the division rose 2.3 per cent, although how long this might last is the question on most investors' minds.
Mr Rowe admitted that fourth-quarter figures are likely to be affected by a late Easter and the timing of the sale, not to mention the general consumer backdrop, which could worsen ahead of the UK's forthcoming decision to trigger Article 50 and start negotiations to leave the European Union.
Interestingly, underlying sales of clothing and home products outperformed food over the third quarter. Food like-for-like sales grew just 0.6 per cent, reflecting the timing of Christmas Day on a Sunday and therefore a "late build up" to peak trading, although Mr Rowe insists the business continues to take market share.
