Pursuits
Marks & Spencer Rebounds as Clothing Sales Top Estimates
- Same-store sales rose 2.3% in U.K. retailer’s third quarter
- Shares advance as much as 5.7% in early London trading
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Marks & Spencer Group Plc reported its best clothing sales in more than five years, delivering a confidence boost to the embattled British retailer after a tumultuous year marred by management overhauls, store closures and plunging shares.
Same-store sales in its clothing and home division rose 2.3 percent in the third quarter ended Dec. 31, the London-based retailer said Thursday, beating the median analyst estimate for unchanged sales. The timing of Christmas boosted sales in that business unit by 1.5 percentage points, M&S said. The shares rose as much as 5.7 percent in early London trading.