Marks & Spencer reports strong Christmas sales

CEO Stuart Machin said M&S outperformed the market in food in both volume and value in the four-week Christmas period

The growth has resulted in the supermarket's best ever market share, with clothing and home sales also increasing by 8.6%.

Retail giant Marks & Spencer reported strong Christmas sales, with demand for turkeys helping to deliver its highest ever share of the food market, with partywear also boosting its clothing sales.

Chief Executive Stuart Machin said M&S outperformed the market in food in both volume and value in the four-week Christmas period for the second year running, whilst it maintained market leadership in clothing and home with its highest share in seven years.

"This performance across both our businesses provides confidence in delivering our full-year results," he said on Thursday.

The retailer's high-end food offer traditionally appeals to shoppers at Christmas, and 2022 was no exception despite increasing economic pressure on consumers.

It benefited from improved availability of seasonal lines including turkeys, where it said it retained its leading market share for the third year running.

However, it said its "Remarksable Value" offer also performed strongly. As a whole, it reported a better-than-expected increase in like-for-like food sales of 6.3%. Clothing and home sales also rose 8.6%.

The retailer's strong performance adds to evidence that shoppers were determined to spend at Christmas despite inflation running at 10.7% and consumer confidence close to record lows.

Reuters