Business

M&S investors spooked by slowdown in food sales

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.

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