Marks & Spencer shares jump on clothing sales increase

The retailer said sales for the three months to 28 March grew 1.9%.

Closely-watched general merchandising sales, which include women's clothing, rose 0.7% on a like-for-like basis over the quarter, its best performance in nearly four years. 

Sales in food also rose by 0.7% for stores open at least a year.

However, overall international sales declined 3.8% as conflict in Ukraine continues and Russia's economy struggles, the retailer said.

M&S was the biggest gainer in the benchmark FTSE 100 index, rising 6.1% compared with a 0.2% rise in the wider market.

"We had a record Valentine's Day and launched over 350 new products over the quarter," said the company in a statement.

Clothing sales were aided by "great fashion press coverage, including that of our iconic suede skirt," said the firm.

In January, Marks & Spencer said unseasonal autumn weather hit clothing sales, particularly knits, while Christmas food sales were "very good".

In December, disruption at M&S's Castle Donington online sales distribution centre badly affected online sales, which in turn hit general merchandise sales in the month.

The 0.7% sales boost ends 14 quarters of sales declines for clothing, footwear and homewares.

The company said it did fewer promotions, instead focusing on full-price sales.

Online sales jumped nearly 14%, returning M&S.com to growth.

Analysts forecast profit before tax of £641m for the year, an increase from £623m in the prior year. If the firm hits that target, it will be its first rise in four years.

Chief executive Marc Bolland, who took the leader's job in 2010, has poured investment into the retailer, sprucing up stores and bringing in new products.

Thursday's figures are a trading update and full profit figures for the year will be posted on 20 May, the company said.