Marks and Spencer (M&S) has recorded strong sales across its food brands, declaring itself as the “top performing grocer” across the Christmas period and in Q3.

The supermarket chain saw its food sales increase by 10.5%, with like-for-like sales also increasing by 9.9% to £2.3bn. The firm announced that it also served more customers than ever before in the third quarter, with core categories growing strongly.

Categories such as meat, poultry, produce, grocery and in-store bakery delivered strong growth, which M&S said was supported by its "programme of innovation and quality upgrades". Remarksable value sales also increased by 18%.

Clothing & home sales also increased by 4.8% to £1.2bn, with strong performances in womenswear, supported by “improved customer perceptions of style, quality and value”.

Knitwear, denim and autograph lines also performed well, with online sales growing by 10.9%, with improved carrier service levels compared with last year and strong demand for click and collect.

Equity analyst at Hargreaves Lansdown, Aarin Chiekrie, said: "Trading over the Christmas period has given M&S shareholders plenty to be jolly about. It’s a testament to the group’s exceptional quality, value and execution, which is being reflected in improved financial performance.

"Larger stores performed particularly well as more customers turned to M&S for their full shop. And with cost-of-living pressures weighing on consumers at a historically expensive time of year, the group’s remarksable value range has come into its element, with sales growing by an impressive 18%."
 
Looking to 2024, M&S said that stock delays and cost increases could be implemented as a result of the recent Red Sea shipping attacks.

The retailer said that although there won’t be much impact on the food sector of the business, but that the home & clothing stock due for February and March would be delayed.

Chief executive at M&S, Stuart Machin, said: "We enter 2024 with a spring in our step, but clear eyed on the near-term challenges. We are determined to deliver our objective of driving 1% growth in market share in both businesses and to up the pace of our transformation: keeping a relentless focus on trusted value; accelerating our store rotation and renewal plans; doubling down on our supply chain programmes to improve availability and lower costs; and resetting our data, digital and technology strategy to unlock benefits in future years."

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