UK clothing retailer Marks & Spencer sales growth in the second quarter

Marks & Spencer, the UK clothing retailer, said on October 7 that in the second quarter of this year, on October 2, the company’s total sales increased by 6.5%. In addition, comparable sales of the company’s core business in the UK increased by 5.3% during the quarter.

Marks & Spencer said that in terms of sales volume, the company is currently the largest retailer in the UK clothing retail industry. In addition, Marks & Spencer’s market share increased by 0.7% to 10.3% during the quarter; in food business, Marks & Spencer’s market share increased from 3.6% to 3.7% during the quarter. Marc Bolland, Marks & Spencer’s new chief executive, said: “The company performed well in the second quarter of this year, but I’m still cautious about the market situation in the coming months.”

SeymourPierce analyst Freddie George said: "M&S's strong sales growth in the second quarter basically made up for the increase in costs."

Marks & Spencer said that due to the increase in VAT tax rates and the reduction of public spending, consumers' disposable income will face greater pressure and the future market situation will become more challenging. Due to the increase in marketing expenses, it is expected that the company's operating cost growth rate for the current fiscal year will exceed the 4% previously expected to reach 5%.