Marks and Spencer saw mixed results in the third quarter, when overall group sales rose 0.2%, with food up 1.6% and online sales jumping 22.7%; however, another fall was seen in its clothing, homewares and general merchandise like-for-like sales, which were down by 2.1% in the three months to the end of December.
M&S shares were down 1.6% a few minutes into trading, but had later recovered and were up 1.7%. Chief executive Marc Bolland said that the retailer's largest shareholders understood the company was undergoing a major transformation that would take time.
Marc Bolland said: "We delivered an improved performance in general merchandise over the important Christmas period. However, an exceptionally unseasonal October, which saw GM sales down strongly, has resulted in a quarterly performance below our expectations."
Mr Bolland also said the food business, which contributes more than half of group sales, had an "excellent" quarter. On 23 December, the chain had its biggest day yet for food, with sales of £64m, he said.
