LONDON, Oct 2, 2008 (AFP) - Clothing-to-food retailer Marks and Spencer, regarded as a barometer of consumer sentiment in Britain, said sales dropped by 1.6 percent across the country during its second quarter.
But sales worldwide, including in Britain, rose by 0.4 percent during the 13 weeks to September 27, M&S added in a trading update.
'Consumer confidence remains fragile and the retail environment unpredictable,' M&S chief executive Stuart Rose said in a statement.
'Consumers are increasingly cautious about their budgets. We have responded by offering our customers better values and more promotions across the business, while at the same time tightly controlling our costs,' he added.