M&S figures disguise poor profits and patchy performance

The chain's Xmas figures are really OK only on food

M&S has reported Like-for-like sales (excluding VAT) in the 13 weeks to December 31 up 0.5%, with "general merchandise" falling 1.8pc and food rising 3%.

Clothing sales were up a modest 1.1%, while home sales fell 13.3%, partly due to the withdrawal of a lot of technology stock.

However, the retailer was discounting early and heavily and it will be interesting see if there is anything left for profits, particularly as post Xmas sales are likely to be poor.

Is this indicative of the general trend. Food usually holds up well at Xmas for obvious reasons but also because cash-strapped customers often go big on food to cheer themselves up.

Clothing is more of a worry because the company now needs to get high figures from post-Xmas sales and Spring ranges.