07/01/2005
M&S report poor Christmas trading period
Marks and Spencer (M&S) have become the latest high street retailer to report a poor performance in the pre-Christmas trading period.
The company's latest trading statement refers to the trading environment as "difficult" and states that, in spite of a heightened promotional campaign, which included a high profile series of advertisements, featuring stars such as Rupert Everett and Helen Mirren, and two 'Christmas Spectaculars', "significantly" more stock was left over for the end of season sale than last year.
Although the company reported good clearance of sale stock, the impact of even more reduced prices led to higher markdowns, which, the report said, would increase relative costs for the whole quarter. The markdown costs for the second half of the financial year, which includes an estimate for the Easter Sale, are now expected to be around £40 million higher than the previous year.
Overall, M&S reported that like-for-like sales for the six-week period up to January 1, fell by 5.6%. Clothing and homeware sales also fell by 8.5%, while like-for-like food sales were also down by 1.7%, although the company said that trading in this department had improved slightly over the Christmas period, compared to October and November.
Although the company has three more months of trading before the end of the financial year, M&S predict that pre-tax profits will be in the range of £600 – £625 million, down from previous forecasts of between £625 - £716 million.
(KMcA/SP)
The company's latest trading statement refers to the trading environment as "difficult" and states that, in spite of a heightened promotional campaign, which included a high profile series of advertisements, featuring stars such as Rupert Everett and Helen Mirren, and two 'Christmas Spectaculars', "significantly" more stock was left over for the end of season sale than last year.
Although the company reported good clearance of sale stock, the impact of even more reduced prices led to higher markdowns, which, the report said, would increase relative costs for the whole quarter. The markdown costs for the second half of the financial year, which includes an estimate for the Easter Sale, are now expected to be around £40 million higher than the previous year.
Overall, M&S reported that like-for-like sales for the six-week period up to January 1, fell by 5.6%. Clothing and homeware sales also fell by 8.5%, while like-for-like food sales were also down by 1.7%, although the company said that trading in this department had improved slightly over the Christmas period, compared to October and November.
Although the company has three more months of trading before the end of the financial year, M&S predict that pre-tax profits will be in the range of £600 – £625 million, down from previous forecasts of between £625 - £716 million.
(KMcA/SP)
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