Christmas Sales Woes
Retail giants Morrison’s, M&S and Tesco all report disappointing Christmas sales.
Morrison’s was hardest hit with sales down 5.6% compared to last year for the last six weeks to 5th January. CEO Dalton Philips blames the lack of online presence and convenience stores.
M&S reports sales in the last 13 weeks to 28th December was down 2.5% compared to last year. Chief executive Marc Bolland, defends the 30% discounts in the weeks before Christmas and says that “Our general merchandise is recovering”.
Phil Clarke, CEO of Tesco, blames the 2.4% drop on like-for-like sales last year on customers shifting to discounters, online and convenience stores.