M&S suffers seasonal slump as shoppers seek bargains
MARKS & Spencer failed to pull in new-year sales shoppers, with reports suggesting it lost ground to rivals Primark and Zara.
The retailer lost 0.4pc of market share and suffered a 1.3pc slump in UK fashion sales in the 24 weeks to January 20, according to industry data from Kantar Worldpanel, reported in 'The Sunday Times'.
Budget chain Primark and high-street fashion brand Zara both saw double-digit sales growth, while Debenhams, H&M and Next also performed well, according to the report.
It appears shoppers have been lured by the budget fashion from Primark, which has seen sales surge in recent years.
Kantar could not be reached for a comment and M&S declined to comment.