Marks and Spencer has posted its fourth quarter 2015/16 trading statement showing food sales continue to outperform the market with a revenue rise of 4.0%, the same result in like-for-likes.
The Food business continued to outperform a highly competitive market. In line with strategy, the store opening programme continues to drive strong sales growth. The group opened 80 new stores in the year and as a result grew its market share to 4.3%. It continued to invest in special and different products launching 400 new lines.
M&S.com delivered a good performance with strong improvement in customer satisfaction scores driven by improved website speed and ease of navigation. The firm ran fewer online-only promotions giving customers a more consistent shopping experience across channels.
Despite improved sales in both our franchise and owned businesses in International, the previously guided currency pressure and challenging trading conditions are still expected to heavily impact the full year profitability.