M&S Christmas sales jump 7%

Marks and Spencer (M&S) has become the latest retailer to announce record breaking Christmas figures.

Sales at the retailer jumped seven per cent over the recent festive period compared to the previous year.

M&S Food reached its highest ever recorded market share, while sales in its clothing and home department rose almost nine percent, resulting in its highest market share in seven years.

The retailer said it is confident it will meet profit targets after a record-breaking trading day on 23 December 2022, with sales of £80 million.

But the company said it remains cautious due to “clear macro-economic headwinds ahead and underlying cost pressures.” The retailer added it is aware of how inflation is impacting its customers and is taking steps to reduce costs as a result.

Commenting on the news Stuart Machin, chief executive at Marks and Spencer, said: “This outperformance was driven by M&S doing what it does best; exceptional product at value you can trust.”

He added: “Thanks to our unrivalled quality, innovation and growing style credentials, more customers shopped with M&S over the Christmas period than in recent years.”

The announcement comes as several other UK food retailers post record-breaking Christmas results, with sales at Sainsbury’s jumping seven per cent during the period and Aldi sales reaching £1.4 billion.

More than 1.3 million customers shopped at Lidl in the run up to Christmas, helping the discounter increase sales by almost a quarter year on year.

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