M&S investors spooked by slowdown in food sales
The retailer has increasingly relied on brisk trade in its upmarket food halls to prop up its strugg..
The retailer has increasingly relied on brisk trade in its upmarket food halls to prop up its struggling clothing arm
A slowdown in food sales at Marks & Spencer has spooked investors who have increasingly relied on brisk trade in its upmarket food halls to prop up its struggling clothing arm.
M&S’s shares were marked down by more than 4% after the retailer revealed food sales in stores open more than one year had fallen over the last three months. The 0.1% decline – contrasting with a 0.6% rise pencilled in by analysts – comes at a time when sales of its supermarket rivals have been boosted by inflation and the recent heatwave. Underlying food sales had also declined 2.1% in the previous quarter.