M&S still a "work in progress" says Hargreaves Lansdown

High street giant Marks & Spencer has, against a backdrop of low expectations, "offered some hope" with its first-quarter update, according to Hargreaves Lansdown Stockbrokers.The company reported another decline in first-quarter like-for-like (LFL) growth, which it blamed on the impact of its new website and fewer promotions, but expressed confidence in improving trends in clothing, particularly womenswear.LFL growth in the UK was just 0.3% as the continuing strength in Food, up 1.7%, was mostly offset by a 1.5% decline in its General Merchandise (GM) division, more or less in line with analysts' estimates.Analyst Keith Bowman said: "An increased focus on profit margin generates potential longer term optimism, with General Merchandise sales no worse than forecast. Key Womenswear sales have grown, while a recent improvement in online sales, despite previously flagged difficulties, provides some relief."Nevertheless, with GM sales still in retreat, Food sales slightly below forecasts and international trading not as smooth as hoped, Bowman said that M&S "remains a work in progress"."The group's offering continues to be honed, food sales are expanding, bolstered by the roll-out of new Simply Food stores, whilst the strength of the group's brand name and the still attractive dividend yield cannot be forgotten."He said that consensus continues to point towards a "strong hold" at M&S.After an earlier rise, the shares had dropped into the red and were trading down 1.3% at 427.4p by 10:26.BC