Marks & Spencer has posted a rise in Christmas sales for the first time in two years.
Its clothing and homeware sales grew by 2.3% in the 13 weeks to 31 December, and food sales increased by 0.6%.
Chief executive Steve Rowe, who took over in April, said: “In clothing and home, better ranges, better availability and better prices helped to improve our performance in a difficult marketplace. We also continued to substantially reduce discounting, including over Black Friday.”
Honor Strachan, lead analyst at Verdict Retail, said: “It was a huge risk to footfall and volumes to significantly reduce the level of promotions and discounts in Q3, given the intensity of price cuts elsewhere on the high street and greater retailer participation in Black Friday – a risk Marc Bolland didn’t dare take, not to this level anyway. Demanding consumers have become so accustomed to discounts, Steve Rowe’s plan had potential to backfire, but seemingly the quality and value of its products – particularly in knitwear and cashmere collections – was enough to lure shoppers in.”
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