LONDON (Alliance News) - Marks & Spencer Group PLC on Thursday reported a fall in revenue across all its divisions during the festive period but described its performance as "steady" amid a difficult trading environment.
For the 13 weeks to December 29, the food, clothing and homeware retailer reported total group sales down 3.9% to GBP3.04 billion on a year prior.
In the UK, M&S's core market, total sales were down 2.7% to GBP2.78 billion while like-for-like sales fell by 2.2%.
Meanwhile, total sales for the firm's International business dropped 15% to GBP262 million as the retailer sold its Hong Kong franchise and exited loss-making markets.
The UK Food division's total sales fell 1.2% to GBP1.68 billion with like-for-like sales decreasing by 2.1%.
M&S's Clothing & Home arm total sales were down 4.8% to GBP1.10 billion. On a like-for-like basis, the unit reported a 2.4% fall due to lower footfall on the back of an ongoing store closure programme.
Back in May, M&S said it would close 100 stores by 2022 after Chairman Archie Norman declared that the group was "on a burning platform".
On Thursday M&S said its transformation programme is on track and left full-year guidance unchanged.
Chief Executive Officer Steve Rowe said: "Against the backdrop of well publicised difficult market conditions our performance remained steady across the period. Our Food business traded successfully over Christmas as customers responded to improved value.
"The combination of reducing consumer confidence, mild weather, Black Friday, and widespread discounting by our competitors made November a very challenging trading period. However, overall our 13-week performance was steady with some early encouraging signs."
M&S's Christmas performance contrasts to updates issued by peers, which overall have painted a rosier-than-expected picture of the beleaguered UK retail sector.
Good performances over the festive season have so far been reported by the likes of Dunelm Group PLC, Next PLC, John Lewis PLC and Ted Baker PLC, suggesting that the key trading period for retailers may not have been the bloodbath first feared by investors.
M&S will report its annual results on May 22.
