M&S suffers clothing sales slump
PUBLISHED: 12:21 09 January 2014 | UPDATED: 12:25 09 January 2014
Marks & Spencer suffered a tenth successive quarterly like-for-like sales decline in its beleaguered homewares and clothing division today as they slumped by 2.1pc.
A 0.5pc improvement in the eight weeks to Christmas Eve was not enough to save the beleaguered retailer from the deteriorating overall performance for general merchandise.
The group admitted that a series of discounts to drive seasonal sales - which included a pre-Christmas “Mega Day” with reductions of up to 30pc on clothing lines - would hit profit margins when full-year results are reported later this year.