Marks & Spencer: first-quarter in line with expectations.
(CercleFinance.com) - Marks & Spencer said on Tuesday that trading in the group's first quarter was in line with expectations, which didn't help to lift the shares on the London Stock Exchange.
The British retailer said total sales at stores that have been open for over a year fell 0.5% in the 13 weeks to 1 July, its fiscal first quarter.
The numbers include a 1.2% fall in clothing and home merchandise like-for-like sales and a 0.1% decrease in food sales.
The group's full-year guidance remained unchanged.
"We are on track with delivery of the plan we announced last year," said CEO Steve Rowe.
"We believe today's update demonstrates that strategic initiatives are delivering some improvement across the business, which if maintained, could cause us to reappraise M&S's investment case," commented analysts at Liberum, who have a "sell" rating on the shares.
Shares in the retailer, which was founded in Leeds in 1884, which have fallen by over 4% this year, are currently down 1.2% at 334.7 pence, valuing the business at 5.5 billion pounds (about 6.2 billion euros).
Copyright (c) 2017 CercleFinance.com. All rights reserved.
The British retailer said total sales at stores that have been open for over a year fell 0.5% in the 13 weeks to 1 July, its fiscal first quarter.
The numbers include a 1.2% fall in clothing and home merchandise like-for-like sales and a 0.1% decrease in food sales.
The group's full-year guidance remained unchanged.
"We are on track with delivery of the plan we announced last year," said CEO Steve Rowe.
"We believe today's update demonstrates that strategic initiatives are delivering some improvement across the business, which if maintained, could cause us to reappraise M&S's investment case," commented analysts at Liberum, who have a "sell" rating on the shares.
Shares in the retailer, which was founded in Leeds in 1884, which have fallen by over 4% this year, are currently down 1.2% at 334.7 pence, valuing the business at 5.5 billion pounds (about 6.2 billion euros).
Copyright (c) 2017 CercleFinance.com. All rights reserved.