Date: Wednesday 07 Jul 2010
High Street bellwether stock Marks and Spencer reported a 3.6% rise in UK like for like sales in the first quarter but said it is cautious about the outlook for consumer confidence and spending.Like for like sales in general merchandise, which includes clothing, were up 6.0% in the 13 weeks ended 3 July, with like for like sales growth in food of 1.5%. Nomura analysts expected like for like sales growth in food of 1.5% and a 4% increase in general merchandise.
Group sales rose 4.4%, with total UK sales up 4.8%, including a 7.0% advance in general merchandise (Clothing +7.4%; Home +4.1%) and a 2.9% rise in food.
Storage firm Big Yellow Group said it enjoyed a “robust” quarter with a particularly “strong” June.Annualised store revenue, for the 51 wholly owned stores, rose 9% to £59.8m at 30 June 2010. Total store revenue was £14.4m for the quarter, up 10% from the same quarter last year.
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