Business
1st Quarter Results Replacement
1st Quarter Results Replacement.
About this update from Marks And Spencer Group Plc
[{"type":"text","content":"\n \nRNS Number : 5787D Marks & Spencer Group PLC 07 July 2016 \n\n \nIssued: 7 July 2016\nPress Release\n \n \nQUARTER 1 2016/17 TRADING STATEMENT 13 WEEKS TO 2 JULY 2016 (CORRECTION)\n\nThe announcement released by Marks and Spencer Group plc entitled \"Quarter 1 2016/17 trading statement for the 13 weeks to 2 July 2016\" on 7 July 2016 at 7.00am (the \"Announcement\") incorrectly stated the Group sales both on a reported and constant currency basis. All other figures remain unchanged. The correct figures relating to Group sales are set out in the reissued announcement below:\n \nIssued: 7 July 2016\n \nPress Release\n \nMARKS AND SPENCER GROUP PLC\nQUARTER 1 2016/17 TRADING STATEMENT\n13 WEEKS TO 2 JULY 2016*\n \n\n\n\n\nFirst quarter\n\n\n \n\n\nTotal\n\n\nLike-for-like\n\n\n\n\nFood sales1\n\n\n \n\n\n+4.0%\n\n\n-0.9%\n\n\n\n\nClothing & Home sales1\n\n\n \n\n\n -8.3%\n\n\n-8.9%\n\n\n\n\nM&S.com sales (memo only)\n\n\n \n\n\n+0.5%\n\n\n \n\n\n\n\nTotal UK sales\n\n\n \n\n\n-1.1%\n\n\n-4.3%\n\n\n\n\nInternational sales (constant currency)2\n\n\n \n\n\n+0.7%\n\n\n \n\n\n\n\nGroup sales (reported) \n\n\n \n\n\n-0.4%\n\n\n \n\n\n\n\nGroup sales (constant currency)\n\n\n \n\n\n-0.9%\n\n\n \n\n\n\n\n1Timing of Easter had an adverse effect of 0.5% on Food and 0.8% on Clothing & Home sales growth.\n2 International sales at reported currency were up 6.1%.\n \nSteve Rowe, Chief Executive, said:\n\"A key part of our recovery plan for Clothing & Home is lowering prices and reducing promotions. As a result, we ran fewer price promotions while continuing to lower prices to deliver real value to our customers, and moved the summer sale to July. We knew our actions would reduce total sales but we are seeing some encouraging early signs. Our Food business continues to strongly outperform a deflationary market, with LFL sales slightly down when adjusted for Easter timing. \n \n\"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 th...