Boost for recession-hit M&S as sales show 'improving trend'

By Daily Mail Reporter
Updated: 04:44 EST, 1 July 2009

Marks & Spencer boss Sir Stuart Rose reported better-than-expected sales today after seeing an 'improving trend' in the retailer's performance.

The company revealed a drop in UK like-for-like sales of 1.4 per cent in the 13 weeks to June 27.

But the rate of decline was less than the previous quarter - and considerably lower than the 2.5 per cent decline forecast by City analysts.

Sir Stuart Rose

Sir Stuart Rose said today's figures showed 'the actions we are taking are working'

The fortunes of M&S are eagerly watched by economists as a key indicator of the overall health of the high street retail sector.

Sir Stuart said consumer confidence appeared to be stabilising but warned he remained cautious about the outlook for the remainder of this year and for 2010.

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 per cent 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 per cent.

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