LONDON (AP) — British retailer Marks & Spencer says group sales were up 2.3 percent in the 13 weeks ending April 2, beating analysts expectations.
In its main U.K. market, Marks & Spencer said Wednesday that a 4.9 percent rise in food sales compared to a year ago more than offset a 3.4 percent drop in general merchandise. Over all, U.K. sales in the company’s fourth quarter rose 1 percent.
On a like–for–like basis, excluding new stores and expansion, M&S said U.K. sales were up just 0.1 percent. The analysts’ consensus had been that sales would fall by 2.4 percent.
The company says it “cautious” about the outlook for this year. It expects trading conditions to become tougher this year because of higher commodity prices and pressure on cosumer incomes.
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