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Marks & Spencer shares jump on strong trading update.
(From FT Investor (Stories))
LONDON (FT.com) - Marks and Spencer on Tuesday reported a sparkling set of figures in its trading update, shedding some positive light on the mixed picture that has recently emerged from the UK high street.
The upbeat trading statement prompted Marks and Spencer shares to rise more than 5.5 per cent to 332p, making the retailer the leading gainer on the FTSE 100 index.
The retailer performed well on the crucial like-for-like measure, which strips out the effect of new space, delivering a general sales increase of 13 per cent for the 12 weeks to September 28. The general sales category includes clothing, footwear and gifts.
Food sales over the same period were ahead by 6 per cent, like-for-like.
The increase in total sales for clothing, footwear and gifts was well into double digits, ahead by 14 per cent, while home goods grew by 15 per cent. Food sales grew by 7.5 per cent bringing the group total to 11.1 per cent.
Roger Holmes, chief executive, was pleased with the figures, although he cautioned that they were delivered against weak comparatives.
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