Marks & Spencer Group PLC Christmas 2021/2022 Trading Statement (2834Y)
13 Janvier 2022 - 8:00AM
UK Regulatory
TIDMMKS
RNS Number : 2834Y
Marks & Spencer Group PLC
13 January 2022
MARKS AND SPENCER GROUP PLC
CHRISTMAS 2021/2022 TRADING STATEMENT
13 WEEKS TO 1 JANUARY 2022
M&S SUSTAINS STRONG PERFORMANCE THROUGH THE CHRISTMAS
PERIOD
Third quarter sales, constant GBPm Change Change
currency vs 20/21 vs 19/20
% %
----------------------------------- ------ ---------- ----------
Food 1,915 10.0 12.4
Clothing & Home 1,084 37.7 3.2
Total UK 2,999 18.6 8.9
International 272 17.4 5.1
Group 3,272 18.5 8.6
Memo:
Clothing & Home online 361 2.3 50.8
Food ex hospitality and franchise 1,706 6.7 16.4
----------------------------------- ------ ---------- ----------
The impact of Covid in 2020/21 renders comparisons to the prior
year less meaningful. To aid understanding, throughout this
document the comparative period in commentary relates to the 13
weeks to 28 December 2019.
Steve Rowe, Chief Executive said:
" Trading over the Christmas period has been strong,
demonstrating the continued improvements we've made to product and
value. Clothing & Home has delivered growth for the second
successive quarter, supported by robust online and full price sales
growth. Food has maintained its momentum, outperforming the market
over both 12 and 24 months. The market continues to be impacted by
the headwinds and tailwinds that we reported in the first half, but
I remain encouraged that our transformation plan is now driving
improved performance ."
-- Food sales increased 12.4%, with sales excluding hospitality
and franchise up 16.4%. Retail parks and Simply Food stores
continued to outperform. Encouragingly, the larger basket sizes we
saw in the first half continued through the Christmas period as
customers used M&S for more of their everyday shopping. As a
result, M&S was the fastest growing major store-based Food
retailer in the period. The business generated its highest ever
Christmas sales with December growth in line with the performance
for the quarter. In addition, although not included in these
numbers, M&S products performed strongly on Ocado.com,
representing c.30% of baskets in December.
-- Clothing & Home sales increased 3.2%. Full price sales
grew by 45% as we maintained our trusted value trading stance,
reducing the amount of product sold on promotion by 66% and stock
into sale by 21% compared to 2019/20. Online sales continued to be
strong, with growth of 50.8% supported by substantial expansion of
in-store fulfilment. Store sales were down 10.8% on 2019/20 with
retail parks up, continuing to outperform stores in city
centres.
-- International sales increased 5.1%, with online sales more
than doubling. Performance was driven by Clothing & Home growth
in the Republic of Ireland and key markets such as India after
Covid related restrictions were eased. In addition, we generated
strong growth through online marketplaces and in franchise
shipments to the Middle East.
-- During the period, the Group further strengthened its balance
sheet and liquidity position. We repaid the December 2021 bond
maturity through cash and signed a new GBP850m Revolving Credit
Facility maturing in June 2025. In addition, we disposed of two
warehouses for a total cash consideration of GBP42.5m.
-- In November, we indicated that we expected the strong trading
we had seen in the early part of the quarter to be sustained. As a
result of our performance in the balance of the period, we are more
confident of our ability to deliver the increased guidance we set,
and now expect full year profit before tax and adjusting items of
at least GBP500m. This assumes no further material restrictions or
lockdowns.
We will report full year results for the 52 weeks ended 2 April
2022 on 25 May 2022. Given the impact of Covid in 2020/21 renders
comparisons less meaningful, results will be presented against the
52-week period in 2019/20, as well as the comparable 52-week period
in 2020/21.
For further information, please contact:
Investor Relations:
Fraser Ramzan: +44 (0)20 3884 7080
Jack Cook: +44 (0)20 3882 5535
Media enquiries:
Corporate Press Office: +44 (0)20 8718 1919
- Ends -
Statements made in this announcement that look forward in time
or that express management's beliefs, expectations or estimates
regarding future occurrences and prospects are "forward-looking
statements" within the meaning of the United States federal
securities laws. These forward-looking statements reflect Marks
& Spencer's current expectations concerning future events and
actual results may differ materially from current expectations or
historical results. Any forward-looking statements are subject to
various risks and uncertainties, including, but not limited to,
failure by Marks & Spencer to predict accurately customer
preferences; decline in the demand for products offered by Marks
& Spencer; competitive influences; changes in levels of store
traffic or consumer spending habits; effectiveness of Marks &
Spencer's brand awareness and marketing programmes; general
economic conditions including, but not limited to, those related to
the Covid-19 pandemic or a downturn in the retail or financial
services industries; acts of war or terrorism worldwide; work
stoppages, slowdowns or strikes; and changes in financial and
equity markets. For further information regarding risks to Marks
& Spencer's business, please consult the risk management
section of the 2021 Annual Report (pages 47-57).
The forward-looking statements contained in this document speak
only as of the date of this announcement, and Marks & Spencer
does not undertake to update any forward-looking statement to
reflect events or circumstances after the date hereof or to reflect
the occurrence of unanticipated events .
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END
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