M&S Christmas food sales soar but clothing suffers from cyber-attack fallout

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Marks & Spencer (M&S) reported strong Christmas food sales but a decline in clothing sales, impacted by the after-effects of a previous cyber-attack and reduced high street footfall. Overall sales rose 3.3% to £4.15 billion in the three months to December 27th, with established store sales up 5.6% and clothing sales down 2.9%. The company's clothing, homeware, and beauty business was also affected by fragile consumer confidence and milder weather. M&S plans to accelerate its reshaping strategy, focusing on expanding food offerings and adjusting store formats. Online grocery sales at Ocado, its joint venture, increased by 13.7%. The CEO stated the non-food business is recovering, while the food business gained market share through core grocery items and product upgrades.
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