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M&S results confirms retail "recovery"

09/01/2007

High street chain Marks and Spencer (M&S) has announced positive Christmas trading results with like-for-like sales up by 5.6 per cent.

Sales online were also up by 70 per cent and saw nine million customers visiting the website in the 13 weeks of Christmas trading.

Chief executive Mark Rose said: "M&S had a good Christmas. In the fourth quarter we came up against significantly tougher comparatives, while facing a more challenging retail environment."

However, the positive results are just the first stage of the "recovery plan" as store modernisation is hoped to further boost sales.

"We plan to have over 70 per cent of our store space in the new format by Christmas 2007," Mr Rose added.

"We have now delivered growth on growth in all areas of our business, thus completing the first part of our recovery plan. We remain on track to further drive and broaden our business."

The increase in sales will also see staff throughout the company rewarded with bonuses. Just two days ago, the chain announced it would be putting £56 million into the company share-save scheme.

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