M&S posts clothing & home revenue at £1,192 million

22 Jan '18

1 min read

Courtesy: M&S

The clothing and home category of M&S has recorded revenue of £1,192 million for 13 weeks till December 2017. International revenue of the segment went down, reflecting the completion of the planned closure of owned stores in loss-making markets. However, in retained, owned and franchise markets, constant currency revenue increased by 6.5 per cent.

"In clothing & home, we continued with our strategy of restoring price integrity and improving everyday value. Our revenue grew both in-store and online over the weeks leading up to Christmas, and we held our full price stance in a very promotional market and did not participate in Black Friday. However, the impact of an unseasonal October resulted in an overall revenue decline. As a result, we carried more stock into the December sale," M&S said in a press release.

"We continue with the accelerated transformation programme we outlined in November and have recently taken several important steps to reshape the business for the future. These include a new technology partnership and organisation, and the sale of our Hong Kong based business in line with the streamlined franchise-led model we are adopting for international," said Steve Rowe, chief executive. (RR)

Fibre2Fashion News Desk – India

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