M&S Misses Out on Food Revival in Fresh Headache for CEO Rowe
- Retailer’s food sales fell as inflation, weather helped rivals
- Food business has been M&S’s growth engine for last six years
Inside A Marks & Spencer Group Plc Food Hall
Photographer: Chris Ratcliffe/BloombergThis article is for subscribers only.
The crutch that is Marks & Spencer Group Plc’s food division is providing less of a prop.
Same-store sales in M&S’s food business fell 0.1 percent in the first quarter, missing analyst estimates for a 0.6 percent gain and raising question-marks over the growth of a business whose expansion has for years compensated for shortcomings in the clothing department. The drop was the second in succession after a 2.1 percent fourth-quarter decline.