Marks and Spencer's sales kept positive by food
Published: 6th Apr 2011 17:12:28
Marks and Spencer shares have risen 6% following better-than-expected figures, as rising food sales made up for falls in other areas.
Its like-for-like sales, which ignore new store openings, rose 0.1% in the 13 weeks to 2 April.
General merchandise fell 3.9%, but that was cancelled out by a 3.4% rise in food sales.
New chief executive Marc Bolland said it had been "a good fourth quarter in a challenging trading environment".
He added that although sales of clothing had fallen, the retailer's share of the market had risen.
Shares in the retailer were up 20.4 pence, or 6%, closing at 360.6p.
Marks and Spencer's sales had been widely expected to fall, following a succession of poor results from other retailers.
HMV, Next and Dixons Retail, which owns Currys, all said that trading had been difficult since the start of the year.
M&S results for the full year to 2 April will be released on 24 May.
It is clear that with many households facing the squeeze, the future is looking a lot tougher for retailers”
The company's statement was cautious about the coming year, saying that pressure on consumers' budgets and rising commodity prices would make conditions "increasingly challenging".
Despite rising costs, M&S predicted that the profit it takes from every pound will be 0.25 percentage points higher than it was last year, although it did not specify how it plans to achieve the cost cutting that will require.
The company added that it was planning to increase its store space in the UK by about 2% and overseas by about 10%.
Last week, it announced plans to return to the French market, 10 years after closing its stores in Western Europe.
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Harvard CitationBBC News, 2011. Marks and Spencer's sales kept positive by food [Online] (Updated 6th Apr 2011)
Available at: http://www.ukwirednews.com/news/143854/Marks-and-Spencers-sales-kept-positive-by-food [Accessed 17th Apr 2014]
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With the doors to its brand new £1million training centre officially open, one of the UK's leading apprentice training providers, Bristol based S&B Automotive Academy, is showcasing its world-class facilities by launching a series of foreign student exchanges for the first time in its 41-year history. To get a flavour of what life is like as an apprentice in the UK, the Academy hosted 16 apprentice engineers and bus drivers from the G9 Automotive College in Hamburg, Germany, as part of a Europe-wide vocational training initiative called the ‘Leonardo Programme’ with support from the European Social Fund. In a reciprocal arrangement, S&B will be sending nine apprentices to Germany during February 2012 so that they can get an appreciation of life in the automotive industry on the Continent. A further three German exchange groups are being planned for next year. Designed to assist the development of vocational skills and training across Europe, including work placements for trainees, the Leonardo Programme has a budget of €1.75bn, which is helping to encourage UK organisations to work with their counterparts abroad. In what is expected to be another challenging year for employers in the UK automotive sector, S&B’s Chief Executive, Jon Winter, claims that the exchange initiative will bring many benefits to the Academy and its apprentices: “In a world of global automotive brands, it’s important for our learners to understand the international context of the industry they have chosen to make their career. This new exchange programme will enable apprentices and Academy staff alike to achieve a better understanding of the challenges and opportunities within the automotive arena in Europe. With the Academy’s influence also extending to the USA and Asia, there’s every possibility that this initiative could move further afield in the future.” Continued Winter: “The need for skilled technicians across the world is on the increase and we actively encourage our apprentices to look at broader horizons during their training. Many of them have already learned the phrase ‘Vorsprung durch Gelehrtheit’, quite simply, ‘Advancement through learning.” In the 2010/11 academic year, S&B doubled the number of successful Apprenticeships over the previous year with some 350 apprentices graduating from the Academy. At the same time, achievement levels reached an all-time high with an overall success rate of 85%. For those learners on the Advanced Apprenticeship three-year programme, success rates were even higher, at over 98%. PHOTO CAPTION: As part of their exchange visit, S&B Automotive Academy arranged for the German apprentices to visit Hampshire bus operator, Bluestar, at its Barton Park depot. The students are pictured with S&B’s Andy West (3rd right) and Steve Prewett, Bluestar’s Area Engineering Manager (2nd right). Ends http://www.sandbaa.com
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It was a Belfast judge who first called the "Golden Circle" deal for what it was.
World number three Mark Selby believes Sheffield will eventually lose the World Snooker Championship to China.
A hi-tech balloon launched in Nottingham to take pictures of the Earth has been lost in Oxfordshire.
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