Marks & Spencer online sales up 29%

Marks & Spencer's online sales increased 29% during the third quarter of its financial year despite the economic downturn and a like-for-like UK sales fall of 7.1%

The high street chain today announced it would be cutting costs as a result of the worsening economic crisis by closing 27 stores and axing up to 1,230 staff following its worst performance in ten years.

Sir Stuart Rose, chairman of Marks & Spencer Group, said, "Online performed strongly in Q3 with record traffic driving sales up 29%; stock clearance was especially fast."

Online sales have been the only good news for many high street retailers. This week fashion retailer Next recorded a 7% drop in like-for-like sales in its stores, but its Directory service, which includes its online business, rose by 1.1%.

Department store Debenhams saw a decrease of 3.3% in like-for-like sales for the Christmas period, but its online business Debenhams Direct grew, with year-to-date visitor numbers and sales up 39.2% and 37.4% respectively.

Published by: Charlotte McEleny

Published 7th January, 2009

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