Marks & Spencer (LSE: MKS) 3Q18 Update: Clothing Returns to Deep Declines, Food Underperforms

Executive Summary

• Marks & Spencer (M&S) reported weak comparable sales growth in its core UK divisions in 3Q18.
• M&S’s UK Clothing and Home segment saw a 3Q18 comp decline of 2.8%, weakening from a decline of 0.1% in 2Q18.
• Its UK Food division saw a 3Q18 comp decline of 0.4%, also down from a 0.1% decline in 2Q18, despite significant inflation in the UK grocery market.