Royal Wedding Help Boost Business Sales & sociologist | Daily News …
Posted by on July 13, 2011
Marks & Spencer reported an increase in sales growth today after it received a boost from bank holidays due to the royal wedding and Easter. The retail bellwether said like-for-like sales grew by 1.7% in the 13 weeks to July 2, up from the 0.1% increase in the previous quarter. The group grew its share of the food market after it launched new products including healthy eating options and customers snapped up party food to help celebrate the royal wedding and run of bank holidays. It also halted a recent decline in non-food sales, including clothes and homewares. The better-than-expected results were announced ahead of the company?s annual meeting today in which chief executive Marc Bolland faces a potential revolt over executive pay, which has been branded excessive by one lobby group. The company said like-for-like food sales grew by 3.3%, helped by the launch of 500 new ranges in the quarter, including healthy eating products, Tuscan meats and Italian antipasti dishes. Its Simply Fuller Longer snack range saw sales growth of more than 50% as the retailer grew its healthy eating lines. Meanwhile, its non-food like-for-like sales were flat, compared with a decline of 3.4% in the previous quarter. However, volumes of non-food were down although M&S continued to grow its share of the market as cash-strapped consumers put off non-essential purchases. Mr Bolland reported an increase in sales of its premium ranges as consumers traded up as part of a “buy once, buy well” trend. He said the group had increased choice of its better and best ranges to tap into demand for quality products. Average selling prices were 7% up in the quarter, up from 6% in the previous quarter as a result. About a third of the price hikes were caused by input price inflation with the rest as a result of trading up. But customers were also buying basic ranges, added the Dutchman, who said the chain, which has 703 stores in the UK, had sold 500,000 Brazilian-cut knickers, which were up 64%, after being placed on a buy-three-for-
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Tags: bank holidays, price inflation, Wedding
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