General merchandise sales at M&S fall

Sales of general merchandise at Marks & Spencer declined
2.4 percent in the year ended 30th March. However, the performance was buoyed
by a 3.9 percent rise in food sales, leading to an overall increase in total UK
sales of 0.9 percent. All told, group sales were up 1.3 percent, to £10 billion
but underlying group operating profit was down 3.5 percent to £781.6 million.
For the year ahead, M&S is targeting a “profit improvement” but warned of a
£30 million nonrecurring cost covering
the transition to a new web platform and the opening of its new distribution
centre in Castle Donington.