M&S disappoints after clothing sales decline for 10th consecutive quarter as rival Ted Baker surges
Thursday 09 January 2014
Both are retailers keen to offer top-end, high-quality clothing at affordable prices to affluent and aspiring shoppers.
However, the contrast between Ted Baker and Marks & Spencer could not be more different based on their Christmas performance.
M&S, which has been striving to offer more top-end fashion including a new menswear range launched this week, saw its general merchandise sales fall 2.1 per cent on a like-for-like basis for the 13 weeks to December 28 compared with a year earlier.
It introduced heavy discounting in the run-up to Christmas, with chief executive Marc Bolland defending the decision by pointing to rivals such as Gap and H&M.
By comparison, Ted Baker steadfastly refused to introduce discounting until Boxing Day and benefited from the move as sales jumped 18.3 per cent in the eight weeks to January 4. The equivalent M&S period saw general merchandise sales rise just 1.5 per cent.
Chief executive Ray Kelvin said the decision and good results reflected “the strength of the brand and quality and design of our product.”
- 1 Hilary Mantel 'should be investigated by police' over Margaret Thatcher assassination story, says Lord Bell
- 2 Stamford Hill council removes 'unacceptable' posters telling women which side of the road to walk down
- 3 Kim Kardashian 'nude pictures' leaked on 4chan weeks after Jennifer Lawrence 'The Fappening' scandal
- 4 Iranian blogger found guilty of insulting Prophet Mohammad on Facebook sentenced to death
- 5 New Tricks: Dennis Waterman to leave the show after a decade of crime-solving
Stamford Hill council removes 'unacceptable' posters telling women which side of the road to walk down
Kim Kardashian 'nude pictures' leaked on 4chan weeks after Jennifer Lawrence 'The Fappening' scandal
Iranian blogger found guilty of insulting Prophet Mohammad on Facebook sentenced to death
Ice Bucket Challenge: US firefighter Tony Grider dies after participating in charity craze near power lines
Hitler’s former food taster reveals the horrors of the Wolf’s Lair
Scottish independence referendum: A nation divided against itself
Scottish referendum results: Cross-party consensus collapses amid Tory-Labour spat on the 'English question'
Scottish independence: David Cameron is becoming the 'George Bush of Britain'
Russia freezes Ukraine into submission: Kiev admits country doesn't have enough fuel for winter
Archbishop of Canterbury admits doubts about existence of God
Plebgate MP Andrew Mitchell called officer a 'little s**t', claim court documents 'exposing ex-Chief Whip's 'record of abusing police'
iJobs Money & Business
£400 - £450 Per Day: Clearwater People Solutions Ltd: **URGENT CONTRACT ROLE**...
Up to £100k or £450p/d: Saxton Leigh: My client is a leading commodities tradi...
£320 - £330 per day: Ashdown Group: The Ashdown Group have been engaged by a l...
To £75,000 + Pension + Benefits + Bonus: Saxton Leigh: My client is looking f...