LONDON, Jan 13 (Reuters) - Marks & Spencer said
there were inflationary pressures in both food and clothing, but
it was working with its suppliers to mitigate as much impact for
customers as possible.
Chief Financial Officer Eoin Tonge said inflation in the
food market in the 12 weeks to December was 2.7%, rising to 3.5%
in December. "In those 12 weeks, we were behind the market," he
said.
In clothing & home, he said consumers were not seeing price
rises at the moment, but pressure in costs for freight and raw
materials was building.
"There is an expectation that there will be a similar level
of inflation in clothing as well, but that will only start to
come in the coming months," he said.
He said M&S had worked with its suppliers to improve its
value proposition but it was "inevitable" that some of the
inflation coming into the marketplace would be passed on.
(Reporting by Paul Sandle; editing by James Davey)