SXRP by 11 percent this year, were down 2.4 percent at 344.2 pence at 0818 GMT after a recent good run, to value the company at 5.3 billion pounds.įood sales were up 1.5 percent on the same basis, stoked by 570 new product launches, including the “Grill” meat range. M&S shares, which have lagged the STOXX 600 European retail index. Last Thursday, Debenhams DEB.L, Britain's second-biggest department store group, said trading had got tougher since the budget with consumers also distracted by the soccer World Cup. “This (budget) will have an impact on trading not only for us but for the high street in total,” said Bolland, though he did not expect the British economy to lurch back into recession. That was toward the top end of forecasts and boosted by a strong performance in clothing, though it was down from a 5.1 percent rise in the previous quarter.īritain’s retailers are concerned that higher taxes, including a rise in VAT sales tax, and public spending cuts aimed at slashing record government borrowing - as announced in an emergency budget on June 22 - will hit consumer spending in the months ahead.
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