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Retailers dish up strong Christmas food sales but fashion lags behind
M&S food sales rose 5.6% driven by record customers and demand for upmarket products while fashion, home, and beauty sales fell 2.9%, reflecting subdued consumer confidence.
- M&S shares rose by nearly 5% as overall group sales increased by 24.2% to £4.99 billion, offsetting declines in fashion and beauty categories.
- Fashion, home, and beauty sales dropped by 2.5% to £1.27 billion because of a cyber attack's lasting impact and reduced high street footfall.
- Lucy Rumbold, equity research analyst, noted M&S's performance was better than the market average despite ongoing challenges in fashion and beauty sales.
- M&S's chief executive, Stuart Machin, stated that there was a record number of customers during Christmas, emphasizing a shift towards online sales and innovative products.
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Coverage Details
Total News Sources10
Leaning Left3Leaning Right0Center7Last UpdatedBias Distribution70% Center
Bias Distribution
- 70% of the sources are Center
70% Center
L 30%
C 70%
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