Marks & Spencer (LSE: MKS) 3Q17 Update: Improved Sales Beat Expectations

Executive Summary

• UK clothing-and-food retailer Marks & Spencer (M&S) reported that 3Q17 sales were up 5.9% as reported and up 4.3% on a constant currency basis.
• The closely watched UK Clothing and Home segment posted impressive comparable sales growth of 2.3%, beating analysts’ expectations of 0.2% growth. The Food segment reported comps of 0.6%, beating expectations of a slight decline.
• In 3Q17, the company’s total UK sales increased by 4.5% year over year and by 1.3% on a comparable basis. International sales increased by 18.9% year over year and by 2.9% on a constant currency basis.