The retailer has increasingly relied on brisk trade in its upmarket food halls to prop up its struggling clothing arm
A slowdown in food sales at Marks & Spencer has spooked investors who have increasingly relied on brisk trade in its upmarket food halls to prop up its struggling clothing arm.
M&S’s shares were marked down by more than 4% after the retailer revealed food sales in stores open more than one year had fallen over the last three months. The 0.1% decline – contrasting with a 0.6% rise pencilled in by analysts – comes at a time when sales of its supermarket rivals have been boosted by inflation and the recent heatwave. Underlying food sales had also declined 2.1% in the previous quarter.
