M&S Quarterly Sales Dip in Setback to Rowe's Turnaround Plan
- Clothing & home sales show no improvement, food disappoints
- ‘Little evidence of a turnaround,’ Berenberg analyst says
A employee cleans the display window at a Marks And Spencer Plc store on Oxford Street.
Photographer: Simon Dawson/BloombergThis article is for subscribers only.
Marks & Spencer Group Plc reported a fresh drop in quarterly clothing revenue and missed estimates for food sales, dealing a blow to Chief Executive Officer Steve Rowe as he seeks to revive the U.K. retail bellwether.
Same-store sales in the clothing and home division fell 1.2 percent in the 13 weeks ended July 1, London-based M&S said Tuesday, having slumped by almost 9 percent in the comparable period a year ago. The median analyst estimate was for a decline of 1 percent.