Steve Rowe, Chief Executive said:
"Trading in the first quarter was in line with our expectations and we are on track with delivery of the plan we announced last year. I am pleased that we continue to grow full price sales in Clothing & Home, with reduced discounting and no clearance sale in the quarter. In our Food business, we delivered strong growth from new Simply Food openings, and are prioritising better ranging and stronger promotions."
Group revenue increased 2.7% in the 13 weeks to 1 July 2017 (up 1.8% in constant currency).
Clothing & Home revenue was down 0.5%. In line with our strategy, full price sales were up c.7%, as we reduced the number of promotions and there was no clearance sale in the quarter compared with one last year. We start our summer sale today, a week later than last year, with terminal stock for the season significantly down.
Food revenue increased 4.5%. New Simply Food stores continue to perform ahead of our expectations. We are focused on tightening execution through improving ranging in store and on delivering stronger promotions in a competitive market.
International revenue increased 3.8% (down 4.0% in constant currency). Retained owned and franchise revenue was up 9.4% (1.4% in constant currency). Consistent with the plans we set out in November 2016, we have now closed 28 of 53 stores in the owned markets we are exiting.
Full year guidance remains unchanged. We will report our Interim results on 8 November 2017.
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