Fashion, home and beauty sales declined 2.5 per cent to £1,273 million, with like-for-like sales down 2.9 per cent. While online sales returned to growth, this was offset by weaker store performance amid reduced high street footfall and the lingering impact of stock disruption earlier in the year.
M&S entered the Christmas period with higher stock levels heading into sale, but sell-through rates during December were strong, helping clear inventory ahead of new season launches. The retailer regained market share leadership during the period and now holds the number one position for customer perceptions of style, quality and value, according to YouGov data, M&S said in a press release.
New season ranges are resonating well, and new stores such as Bristol Cabot Circus are outperforming, highlighting the benefits of the group’s ongoing store rotation strategy. International sales rose 0.9 per cent to £158 million in constant currency. New wholesale agreements, and online growth offset softer fashion, home and beauty shipments and performance in India.
“A record number of customers shopped M&S this Christmas. From the festive food shop, to picking up party outfits and gifts, millions more trusted M&S to deliver the family Christmas,” said Stuart Machin, chief executive at M&S. “Fashion, home and beauty segment is getting back on track as we work through the tail end of recovery. Sales overall were slightly down but online performance continued to improve as digital sales recovered. We planned a bigger sale this year, with strong sell-through already making way for our new season lines.”
“We enter this new calendar year full of ambition and laser focused on our plan to reshape M&S for further growth. In fashion, our new season ranges are resonating well with customers as we double down on value, quality and style. I would like to thank our customers for shopping with us, our colleagues, for all their hard work, and wish everyone a happy and healthy 2026. We are looking forward with confidence,” added Machin.
Looking ahead to 2026, M&S plans to accelerate its reshaping strategy against an uncertain consumer backdrop. Priorities include increased investment in product quality and value, strengthening digital and store experiences, improving supply chains and delivering structural cost reductions. The group’s full-year guidance remains unchanged, added the release.
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