Marks and Spencer this week reported another fall in non-food sales. Like-for-like sales dropped by 1.5 per cent compared with the same period last year.
Food sales increased by 2.5 per cent, leaving pre-tax profits virtually unchanged at £280.6m. M&S said it remained vigilant for the rest of 2013.
Marc Bolland, Chief executive at M&S said the company continued to invest in the “long-term transformation” of the business.
He said: “We are pleased with the progress made, given the high level of activity and a number of key projects launching this year.
“This has led to a higher level of additional costs, which while planned for, have impacted short-term results.”
The 129-year-old company said although consumer confidence was rising, it had yet to translate to the High Street.
M&S’s new autumn/winter clothing range was led by an advertising campaign featuring some of Britain’s most high-profile female celebrities, including Dame Helen Mirren and Tracey Emin.
On hearing the results, deputy editor at Drapers Magazine, Anna Santi, told the BBC: “Christmas will be absolutely crucial, and if they don’t have a good Christmas I think investors will be concerned.”
She also said M&S clothes may have become too overpriced, and that Primark does better in balancing price and quality.
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