Trading Update, etc.
MARKS AND SPENCER PLC
27 September 1999
TRADING UPDATE
Following press comments about conditions in the high street, Marks &
Spencer today sets out their actual UK sales figures for the first half
year.
The exceptionally warm weather in the first weeks of the month meant
that customers deferred their purchases of warmer clothing, and
thereby postponed the improvement in turnover we had expected. Sales
have been strong since conditions have been more seasonal, so that
overall sales in September are in line with the first half year as a
whole.
During the 26 weeks to 25 September, UK sales performance (inc VAT) was
as follows:
Actual Like for like*
General -9.7% -11.7%
Foods -0.3% -1.5%
Total -6.0% -7.8%
* Estimated like for like sales have been calculated by comparing
total sales with new and development stores excluded, and sales
from deflected stores added back.
The results for September have a disproportionate effect on the
first six months. It is expected that Group profits before tax
for the half year, when published, will be in a range of £185 million to
£195 million, before the exceptional costs which have already
been the subject of previous announcements.
Commenting on the figures, Peter Salsbury, Chief Executive, said:
'We have started a programme of fundamental change, involving every
level in the Company, and the results will take time to emerge.
'Independent surveys measuring quality, the attractiveness of the
range, values and customer service have all shown positive improvements
since earlier this year.
We are confident that our ranges are better, and this is confirmed
by direct feedback from our customers.'
The full results for the half year will be published on 2 November.
SECRETARY
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