M&S (MKS) is no stranger to bad news, but a trading statement this week still managed to spook investors. While the decline in general merchandise revenues is slowing as a result of fewer promotions and better full-price sales, growth in like-for-like food sales has slipped.
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Like-for-like food sales dipped by 0.1 per cent, and without Easter falling in April revenues across the business would have declined further. However, you could say chief executive Steve Rowe is delivering on his promise: like-for-like general merchandise sales fell by just 1.2 per cent in the three months to 1 July, compared with a 5.9 per cent fall in the final quarter of last year.
