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Marks & Spencer's (MAKSY) CEO Steve Rowe on Q1 2017/18 Trading Statement Conference Call (Transcript)

Jul. 11, 2017 2:43 PM ETMarks and Spencer Group plc (MAKSY)
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Marks & Spencer Group Plc (OTCQX:MAKSY) Q1 2017/18 Trading Statement Conference Call July 11, 2017 3:00 AM ET


Steve Rowe - CEO

Helen Weir - CFO


Jonathan Pritchard - Peel Hunt

Charlie Muir-Sands - Deutsche Bank

Anne Critchlow - Societe Generale

Richard Chamberlain - RBC

Simon Irwin - Credit Suisse

Michelle Wilson - Berenberg

Andy Hughes - UBS

Mike Dennis - Lazarus


Morning ladies and gentlemen, and welcome to the M&S Q1 Trading Statement Conference Call. Today’s conference is being recorded. At this time, I would like to turn the conference over to Mr. Steve Rowe. Please go ahead, sir.

Steve Rowe

Good morning, all. Thank you, Barbara, and welcome to the Analyst Media Call for our Q1 trading statement. Because of our packed day today, we need to keep the call to around 30 minutes. Helen is with me and we’ll take your questions following a brief overview. However, if there is anything outstanding after the call, the analyst statement and press team are available and of course happy to take your calls.

Trading in the quarter 1 was in line with our expectations and we were on track with the delivery of the plan we announced last year. Group revenue was up by 2.7%. Clothing and home sales were down 0.5% and minus 1.2 on a like-for-like basis. This was consistent with our strategy concentrating on full price sales which were up by 7% and reducing promotions. We had 27 fewer promotions in Q1 and there was no clearance sale in the quarter compared with Q1 last year.

Food sales grew by 4.5% and like-for-like sales were down by 0.1. New stores continue to perform ahead of expectations, and we’re prioritizing better ranging and stronger promotions as we move forward. International sales increased by 3.8% and we’ve now closed 28

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