Marks & Spencer’s shares hit a seven-year high today after putting years of underperformance behind it to sell more skirts, shoes and jeans.
Pressure was relieved on chief executive Marc Bolland, who claimed perceptions that M&S had lost its way, was dowdy and looking tired, were a thing of the past.
He said things were changing thanks to a focus on more quality products and better styling.
One such item - a £199 brown suede skirt from its Autograph range that has been worn by the likes of Alexa Chung and Olivia Palermo - even hit headlines after being dubbed this season's cult item.
Non-food sales rose 0.7% in the three months to March 28 on a like-for-like basis, with website sales up 13.8% providing the bulk of the increase.
M&S would not break out sales in store versus online, but did say web sales now account for 15% of total non-food sales.
It means in-store sales fell around 2%, according to analysts.
BESI retail analyst Tony Shiret suggested: “There is likely to be some debate about how the general merchandise sales figure has been achieved in light of highly visible late-year promotional activity…
“But numbers going up is worth something to the share price and stands the company in good stead.”
The shares today rose by 5.6% to 560.25p.
The revival could herald a major turning point as the company focused on selling more full-priced items, weaning itself off endless sales.
Bolland also said the problems that caused a warehouse meltdown in the lead-up to Christmas has been fixed, and that the disastrous website launch last year has been reversed with more customers going from browsing to making purchases.
Bolland added: “I’ve always said this is a step-by-step approach and this is certainly a step in the right direction.
“Customers are telling us they are noticing the difference in our product quality and style.”
The food division also performed strongly, up 0.7%, as Marks & Spencer managed to avoid being dragged into the price war between its rivals.
It has been one of the only food retailers not to suffer a fall in sales, despite food price deflation, including its closest rival Waitrose, which saw sales fall last year by 10.5%.
Marks & Spencer’s international business suffered, down 3.8%, particularly in Russia and Ukraine because of the political unrest and sanctions that have sent the rouble plummeting.
The weak euro also hit its Turkish business.
