Marks and Spencer has announced results for First Quarter 2016/17 showing that group sales were up by 1.3% in the 13 weeks to 2 July.
Food sales rose by 4.0% with LFL sales down 0.9%, of which 0.5% was due to Easter timing. The firm strongly outperformed the food market and continue to leverage its volume growth to reinvest in price. New Simply Food stores continue to perform ahead of expectations.
International sales were up 0.7% at constant currency and rose 6.1% on a reported basis.
The company stated that full year guidance remains unchanged, and it will continue to manage the business for the challenging market environment.
Steve Rowe, Chief Executive, said, “Our Food business continues to strongly outperform a deflationary market, with LFL sales slightly down when adjusted for Easter timing.
“As highlighted in May, consumer confidence weakened in the run up to the EU referendum. While it is too early to quantify the implications of Brexit, we are confident that our strategic priorities and the actions we are taking remain the right ones to deliver results for our customers and our business.”