UPDATE 1-M&S reports 5.6% rise in Christmas food, offsetting slip in clothes

Its profit in the first half ⁠slumped 55.4%, ‌after the shutdown of its online operation caused fashion, home and beauty sales to slide 16.4%.

Britain's Marks & Spencer reported ‌a 5.6% rise in like-for-like food sales in the Christmas quarter but clothing, home and beauty ⁠sales fell 2.9%, reflecting lingering issues from last year's cyber hack and weaker demand on the high street.

Chief Executive Stuart Machin said a record number ​of customers shopped with M&S in the period. "Food sales were strong ‍and the business continues to outperform, hitting a new market share milestone in the period," he said on Thursday.

"Fashion, Home & Beauty is getting back on track as ⁠we work ‌through the tail ⁠end of recovery." The drop in clothing sales was driven by a poor performance ‍in stores, which had offset a recovery in online, it said.

It said a ​higher amount of stock was discounted in its post-Christmas sale, but ⁠sell-through rates had been strong. In November, M&S said it would have fully recovered ⁠from April's cyber hack by the end of its financial year to March, forecasting second-half profit "at least" in line with last year.

It said ⁠on Thursday its full-year guidance was unchanged. Its profit in the first half ⁠slumped 55.4%, ‌after the shutdown of its online operation caused fashion, home and beauty sales to slide 16.4%.

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