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Marks & Spencer 1q Sales Up 3.2%

(Filed Under Financial and General Interest News). Based on gains in women’s apparel and food sales, U.K. retail chain Marks & Spencer reported a 3.2 percent increase in sales for the first quarter.

International sales rose 7.8 percent in the quarter, while online revenue rose 13 percent. Marc Bolland, the company’s chief executive officer, said he plans to expand online and markets outside the U.K. with a goal of reaching £12.5 billion, approximately $20.1 billion, in sales by the 2014 fiscal year. "Our focus will be on remaining competitive, and offering our customers great value and quality at a time when they are managing their budgets carefully," he stated.

Bolland reported that intimate apparel and shapewear as well as tailored clothing did especially well in the quarter. New topselling items included body-shaping swimwear styles.

Marks & Spencer’s percentage reports encompass only the 13 weeks to July 2. The company will release a more complete set of figures in by the early fall.

more Financial and General Interest News >>

Published 07-13-2011 by Katherine Rautenberg

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