undergroundnewsroom.com April 22, 2018

M&S clothing sales slightly better than expected in…

13 January 2018, 12:59 | Gordon Grant

Marks and Spencer shares dive as Christmas sales drop while John Lewis and Tesco rise

Tesco and M&S weather the perils of Christmas

John Lewis bucked the trend in general merchandise and fashion reporting a rise in gross sales of 3.6 per cent (3.1 per cent on a like-of-like basis) for the six weeks to 30th December.

Clothing and homeware fell 2.8 percent, food also dropped by 0.4 percent despite being seen as the most successful sector.

Tesco said United Kingdom like-for-like seasonal sales rose by 1.9% with "record sales and volumes" in the four weeks leading up to Christmas Day.

Shares in M&S fell 5.6%, while Tesco shed 4.8%.

However the figures released by the two retailers were not directly comparable as John Lewis's covered a shorter period.

The supermarket giant said United Kingdom like-for-like sales rose by 1.9% in the six weeks to January 6, driven by a strong grocery performance.

And Tesco, Britain's biggest retailer, missed forecasts for its festive trading.

Over Christmas, sales of fresh food brands and the Tesco finest range were particularly strong.

All signs point to Matt Patricia becoming next Giants head coach
The Giants will hold their sixth and final interview with former Broncos running backs coach Eric Studesville on Wednesday. McDaniels recently interviewed with the Colts and is among the front-runners for the job.

WhatsApp Group Chats Can Be Easily Hacked, Even With End-to-End Encryption
In such a case, it is impossible for them to share details with enforcement agencies that they themselves can not access. The only people who can get access to WhatsApp servers are staff and governments if they are taking some legal actions.

25-year Environment Plan launched that aims to boost plastics recycling
Since its introduction in October 2015, this has led to nine billion fewer plastic bags being used, according to the government. The Government is also investigating introducing a "takeaway tax" on single-use plastic items, such as food containers.

M&S said it held off from slashing prices despite intense competition on the high street and saw sales grow both in store and online in the weeks leading up to Christmas. To be fair, an unseasonal October could not have been predicted-though the revenue hit showed M&S's non-food inventory operation is still not as nimble as it could be.

As ever, the all-important Christmas trading has brought a mixed bag of fortunes for retailers.

Next surprised with an impressive set of figures and profit upgrade thanks to bumper online sales at its Directory arm, having otherwise suffered a tough 2017.

However, chairman Sir Charlie Mayfield said pressure on margins had intensified and the group's decision to maintain competitive prices despite higher costs would negatively affect the full year results. And it has underperformed in food.

Department store chain Debenhams was among the first to emerge as a festive casualty after warning over profits after it was forced to slash prices to boost flagging festive sales.

M&S also did not take part in Black Friday, which helped buoy John Lewis results.

The company said it remained confident in its outlook for the full year and was firmly on track to deliver its medium-term ambitions.

Natalie Berg, global research director of Planet Retail, told BBC Breakfast that Tesco would never return to its former glory, but had responded well to its difficulties: "The ship has been steadied and they're doing all the right things".

Other News

Trending Now

Don't Pass Surveillance Legislation in the Dark
Section 702 is due to expire next week, though intelligence officials say it could continue until April. We need to make sure somebody is watching and there are checks and balances".

Protests erupt over rape and murder of 7-year-old girl
Meanwhile, the Punjab government announced 10 million Pakistani rupees reward for providing information of the killers. Nobel Peace prize victor Malala Yousafzai, condemned the murder of Zainab, saying "such brutal incidents have to stop".

Astros acquire Gerrit Cole from Pirates, trade complete?
Shortly after, FOX Sports reporter Ken Rosenthal, who previously said a deal was "close", appeared to walk back his claim. The Yankees' rotation now includes Luis Severino, Masahiro Tanaka, Sonny Gray and CC Sabathia .

H&M faces backlash over 'monkey in the jungle' hoodie
Fashion designer Alex Medina , actress Niecy Nash and Karamo Brown of "Queer Eye for Straight Guy" cast were also critical of H&M. For its part, H&M released a statement apologizing and agreeing with those who were "upset about the image".

Baker: Massachusetts unlikely to impose Medicaid work requirement
This would exclude individuals eligible for Medicaid due to a disability, elderly beneficiaries, children , and pregnant women . Brian Neale, director of the federal Medicaid office, believes the new program will be greatly helpful for those involved.

HP recalls 50000 batteries from consumer notebooks after meltdowns are reported
The company is also providing a free battery replacement, but the batteries can not be replaced by customers themselves. HP that it's recalling batteries for select laptop models, including some in the ProBook , Envy , and ZBook families.

Pink to sing National Anthem at the Super Bowl 2018
Pop star P!NK will sing the national anthem before Super Bowl LII in Minneapolis next month, the NFL announced Monday. Last year, Lady Gaga played the halftime gig after singing the anthem the year before.

BlackBerry teases KEYOne successor and mystery new phone for 2018 launch
In addition, TCL introduced a new version of the highly-acclaimed BlackBerry KEYone smartphone , the so-called Bronze Edition . BlackBerry released the KeyOne and Motion smartphones in 2017 to positive reviews.

Mostly cloudy, chance of snow showers — TODAY'S FORECAST
THURSDAY: The warming trend continues for Thursday, with a high temperature of 64 degrees, and the chance for a few rain showers. High pressure in the Middle Atlantic will bring partly cloudy skies to the Valley into early Wednesday afternoon.

Facebook M, the company's smart assistant, is retiring
According to a Verge report, employees who were working on M will be accommodated in other departments at the company. Facebook has now confirmed that it's going to shut down the M virtual assistant on January 19th.