British retailer Marks & Spencer Group Plc (MKS.L,MAKSF.PK,MAKSY.PK) Thursday said its fourth-quarter sales grew 3.1 percent at constant currency basis, the strongest quarterly sales growth in the last two years. However, the company is still cautious about the year ahead as it expects the pressure on consumers' disposable incomes to continue throughout 2013.
Regarding its quarterly performance, Chief Executive Marc Bolland said, "We are working hard on improving our performance in General Merchandise and, despite difficult trading conditions, we made progress in our operational execution. We delivered an excellent result in Food, with performance well ahead of the market, as customers continued to trust us for provenance and quality. Multi-channel sales growth accelerated and our International business also performed well during the quarter."
In its trading statement for the 13 weeks to March 30, the company said its total UK sales increased 2.6 percent, benefited by a 6.3 percent increase in food sales, partly offset by a 2.2 percent drop in general merchandise sales.
In the quarter, food sales were benefited by the company's biggest ever Easter week, as it continued its focus on improving product ranges.
On a like-for-like basis, UK sales edged up 0.6 percent as good growth in food division was nearly offset by poor sales in general merchandise division.
Multi-channel sales climbed 22.9 percent as a result of the increased participation in click and collect offer, Shop Your Way, as well as increased traffic to the company's website. Mobile sales grew over 70 percent on last year.
In the quarter, international business continues to perform well with sales growth of 6.7 percent on a reported basis, and 7 percent at constant currency basis.
The company's franchise business in the Middle East delivered a good performance. In Asia, key markets in India and China continued to trade strongly. Performance in Europe also improved in the quarter, despite the macro-economic issues in some of the legacy markets.
Marks and Spencer is scheduled to release its full-year results on May 21.
In London, Marks and Spencer shares are currently trading at 400 pence, up 16.20 pence or 4.22 percent.
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