Marks and Spencer report 35% growth in India

Marks and Spencer Group PLC (M&S) has reported its Half Year Results for 26 weeks ended 27 September 2014. The Group highlights included, - Group sales up +1.0% to £4.9bn* and International sales up +1.2%*

M&S also reported sales in India, one of its priority markets, were up strongly with double digit total growth of 35% on a constant currency basis. Sales in India were driven by the strong performance across its womenswear, menswear, lingerie, kidswear and beauty departments, with highlights in men's formal shirts and bra categories.

Venu Nair, Managing Director of Marks & Spencer Reliance India, said: "India is a priority market for Marks & Spencer. We are pleased to have opened a further four stores during the first half of the year as we accelerate our expansion in the market. We continued to see a good performance in India with sales increasing by 35% on a constant currency basis. From our stylish men's formal shirts to our everyday and special occasion bras, our quality products resonate well with our customers in India."

During the half year, M&S's menswear sales were up 46% on last year, with its formal shirts proving particular popular with Indian customers with sales up by 76%. Marks & Spencer's formalwear design expertise is highlighted in its comprehensive formal shirts offer comprising a broad selection of classic British tailoring styles including Oxford and Savile Row Inspired designs, the range includes classic, regular and slim fits in a range of collar sizes making it simple for customers to shop for the perfect fit. Innovative fabric finishes developed exclusively by M&S offer easy to iron options and perfectly combine style with practicality.

In May, M&S opened its first standalone lingerie and beauty store at Infinity II shopping mall in Mumbai. The move capitalises on the growth opportunities in the lingerie and beauty in the Indian market - during the half M&S saw its lingerie and beauty sales increase by 30% respectively on the previous year. From its luxury Rosie for Autograph lingerie collection - a collaboration with international supermodel Rosie Huntington-Whiteley to everyday t-shirt bras, M&S offers an extensive breath of lingerie styles, shapes and sizes to enable customers to look and feel their best. During the half M&S's bra sales in India increased by 32% on last year.

*On a constant currency basis

Source : Equity Bulls

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