M&S SERVES UP SURPRISE SALES BOOST
SHARES in Marks & Spencer jumped 12 per cent in early trading after it announced a surprise rare profit upgrade.
Food revenues leapt 10.8 per cent in the 19 weeks to August 14, compared to the same period last year.
But elsewhere retail sales fell by 2.5 per cent in July. People dined out more rather than eating at home as the Euro 2020 football tournament effect faded.
Food store volumes fell 1.5 per cent compared to June, while non-food volumes dropped 4.4 per cent, driven by falls in computer and telecoms equipment. Retail sales were 5.8 per cent higher than their pre-pandemic February 2020 levels, according to the Office for National Statistics.
Fuel sales volumes fell 2.9 per cent as heavy rainfall in early July reduced traffic.
However, Emma-Lou Montgomery, of investment firm Fidelity International, said: “Staff shortages and supply chain issues are still impacting the way businesses can operate.”
Scottish Friendly said the retail sales drop is likely “to bounce back next month”.