Vanhelg

LONDON (AFP) – Marks & Spencer, a retail icon and key barometer of consumer sentiment, said on Tuesday that quarterly sales at its stores fell 4.2 percent as recession-hit shoppers spent less on clothing and food.

The data for sales at its stores that have been open for at least one year beat analyst expectations of a seven-percent drop. The better-than-expected results for the 13 weeks to March 28 sent the share price of M&S soaring 10 percent at the start of trade.

It later stood up 8.6 percent at 287.25 pence on London's FTSE 100 index, which climbed 1.62 percent to 3,823.96 points.

"While the outlook remains uncertain, we are confident that we are doing the right things for our customers and for our business," M&S chairman Stuart Rose said in the company's earnings statement.

Marks & Spencer earlier this year announced plans to cut up to 1,230 jobs and shut 27 stores amid the first recession since 1991.