Marks and Spencer (M&S) has reported another fall in its clothing sales in its most recent financial results released today (July 9th).
Although it was announced by the firm that its UK like-for-like sales rose 1.8 per cent at its food business in the latest quarter, its clothing, footwear and homewares sales fell 1.6 per cent.
Chief executive at M&S Mark Bolland insisted that general merchandise had shown "some improvement this quarter", but Bryan Roberts, retail analyst at Kantar retail, told the BBC's Today programme, that the company will struggle if clothing sales continue to drop.
"Clothing is the bedrock of the business, particularly womenswear," he said, adding: "If it comes to Christmas and clothing still hasn't recovered, the knives might come out for Mr Bolland."
The share price of M&S is broadly flat in the early stages of today's trading on the back of the news its clothing sales have fallen once more.
At 08:21 BST, very early in the session, its stocks were trading 0.09 per cent higher.
Find up to date information on the FTSE 100 and spread betting strategies at City Index
StoneX Financial Ltd (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.
No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.