M&S reports improved sales
Marks & Spencer boss Sir Stuart Rose has reported better-than-expected sales after seeing an "improving trend" in the retailer's performance.
The company revealed on Wednesday a drop in UK like-for-like sales of 1.4% in the 13 weeks to June 27, better than the previous quarter and lower than the 2.5% decline forecast by City analysts.
Sir Stuart said consumer confidence appeared to be stabilising but warned he remained cautious about the outlook for the remainder of this year and 2010.
The firm is one of the major retailers looking to open a huge store in Preston's Tithebarn development and already has a store on Fishergate in the city centre.
M&S's executive chairman said: "We are pleased with the improving trend in our performance. This demonstrates that the actions we are taking are working."
Total sales, including changes in store space, rose 1.7% over the first quarter of the company's financial year, marking a further improvement in performance over the last two quarters.
M&S reported improved market share in clothing and homeware, while in the food sector the company limited the fall in like-for-like sales to 0.5%.
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Wednesday 23 May 2012
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