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Marks & Spencer (LSE: MKS) 3Q19 Update: A Weak Quarter for Food and Clothing Alike

Executive Summary

  • Marks & Spencer (M&S) reported another weak quarter, with comparable sales down 2.4% in Clothing and Home and down 2.1% in Food.
  • Management attributed the declines in Clothing and Home partly to lower footfall. Planned reductions in inventory levels resulted in a 25% reduction in the volume of stock going into the December sale.
  • Management attributed the decline in Food to price investment and a transition to from promotions to lower prices. Nevertheless, comp growth in Food was still ahead of analyst expectations.

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