Food boosts Marks & Spencer sales
Business digest: High street chain sees modest sales increase despite poor demand for clothes
Marks & Spencer saw a modest increase of 0.1 per cent in its like-for-like sales in the first quarter of this year, despite a fall in demand for certain goods.
The last three months saw food sales increase by 3.4 per cent, which offset a 3.9 per cent drop in clothes and homeware sales.
The British high street retailer said it remained "cautious about the outlook", citing "pressure on consumers' disposable incomes and higher commodity prices" as a huge sales dampener.
The news comes after other high street chains such as HMV and Dixons issued profit warnings, and wine retailer Oddbins went into administration.
Read a full report at the Daily Telegraph. ·