Marks & Spencer to cut prices after weak Christmas
High street giant Marks & Spencer said today that it would roll out more discounts in a bid to pull in customers after weak homewares sales dragged on its Christmas performance.
M&S, which has more than 700 stores in the UK, recorded a 1.8% like-for-like decline in general merchandise sales, excluding VAT, in the 13 weeks to December 31, while food sales were up 3%. The City forecast a 1.5% decline and 1.5% increase respectively.
The decline in general merchandise sales was driven by a drop in the home division, which fell 13.3% in the period on an all-stores basis, due to the company's decision to pull technology products from its shelves.
M&S, which launched an advertising campaign starring Green Lantern actor Ryan Reynolds and Transformers actress Rosie Huntington-Whitely last summer, said it would invest in promotions and sacrifice profit margins to boost trade.
Elsewhere, department store Debenhams said like-for-like sales excluding VAT in the 18 weeks to January 7 were flat as unseasonably warm weather in October and November hit sales and uncertainty in the wider economy affected consumer confidence.
PA
Subscribe to Independent Premium to bookmark this article
Want to bookmark your favourite articles and stories to read or reference later? Start your Independent Premium subscription today.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies