Marks & Spencer Share News (MKS)

UK blue chips are set for a strong start Tuesday despite weakness in the US overnight and a mixed performance in Asia.Futures prices indicate a gain of more than 30 points for the FTSE 100, taking the leading index back towards 6,000.Marks and Spencer saw group sales rise 4% in the final quarter of 2010. Like for like (LFL) UK sales were up 2.8%, with general merchandise sales up 3.8% and food sales 1.8% higher. Marks estimates the snow trimmed about 1% off food sales and 3% off general merchandise. Earnings guidance for the current financial year remains unchanged. Market consensus is for £723m on sales of £9.77bn.US shopping mall giant Simon Property has dropped its indicative bid for Capital Shopping Centres but will still vote against the 'deeply unattractive' acquisition of Manchester's Trafford Centre. Simon had proposed a bid of 425p per share for the shopping centre group, but this was conditional on being given access to the books. After the CSC board repeatedly refused this, Simon says it had no option but to withdraw. The Takeover Panel had given it a deadline of until 12 January to make an offer.Bedding and home furnishings retailer Dunelm had a tough time during the run up to Christmas, damaging sales and profits, while rising costs and consumer demand remain a concern. LFL sales for the 26 weeks to 1 January slipped 1.2% as a 4.2% tumble in the second quarter cancelled growth of 2.1% in the first three months of the financial year. It's also cautious about the UK consumer environment and in its expectations for second half trading. Property giant British Land is to purchase Marble Arch House in London's West End. The company is paying the present owners, The Portman Estate, £18m for the development site, which currently consists of two mixed use five story buildings on the corner of Seymour Street and the Edgware Road.