Marks & Spencer (LSE: MKS) 1Q18 Update: Retailer Slows Rate of Decline in Clothing

Executive Summary

• Marks & Spencer (M&S) reported UK Clothing and Home comparable sales fell 1.2% in 1Q18. This compared to a 5.9% slump in 4Q17.
• The company posted a 0.1% fall in UK Food comps in 1Q18, versus a 2.1% fall in the previous quarter.
• Total group sales were up 2.7% in 1Q18, helped by openings of new UK Food stores and the beneficial impact of exchange rates on international sales.