July 11, 2017 / 6:17 AM / 8 months ago

Britain's M&S says recovery "on track" as full-price sales rise

LONDON, July 11 (Reuters) - Britain’s Marks & Spencer reported another fall in underlying clothing sales in its latest quarter, though the decline was slightly less than analysts’ expected and full-price sales continued to grow.

The group said its guidance for the full 2017-18 year was unchanged.

“Trading in the first quarter was in line with our expectations and we are on track with delivery of the plan we announced last year,” said Chief Executive Steve Rowe.

“I am pleased that we continue to grow full price sales in clothing & home, with reduced discounting and no clearance sale in the quarter.

M&S, one of the best known names in UK retail, said like-for-like clothing and homeware sales fell 1.2 percent in the 13 weeks to July 1, its fiscal first quarter.

That compares with analysts’ average forecast of a fall of 1.3 percent and a 5.9 percent decline in the previous quarter.

However, like-for-like food sales fell 0.1 percent, worse than analysts’ average forecast of a rise of 0.6 percent. (Reporting by James Davey; editing by Kate Holton)

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