UK retailer M&S says recovery 'on track' as full-price sales rise

London

BRITAIN'S Marks & Spencer reported another fall in underlying clothing sales in its latest quarter, though the decline was slightly less than analysts' expected and full-price sales - a key guide to profitability - continued to grow.

The group said that its recovery plan was on track and it maintained guidance for its 2017-18 financial year. "Trading in the first quarter was in line with our expectations and we are on track with delivery of the plan we announced last year," said chief executive Steve Rowe. "I am pleased that we continue to grow full-price sales in clothing & home, with reduced discounting and no clearance sale in the quarter."