Currency exchange damaging international sales

Marks & Spencer has claimed that currency exchange rates have had a damaging effect on the company's international sales.

Although the firm performed well overall, the international department suffered, with sales declining by 5.9 per cent in the 12 weeks of trading to the end of March.

"Currency translation" was to blame for the poor figures, the company explained.

However, it added that "difficult trading conditions" in the republic of Ireland and Greece had also taken their toll.

Chairman of the company Sir Stuart Rose commented on the figures: "We have weathered the immediate impact of the recession but remain cautious about the outlook for 2010/11 given the current challenging environment.

"We hope that after the election there will be greater clarity on economic policy and how this will impact our customers individually."

Overall, the company saw sales grow by 4.8 per cent.

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Posted by Eleanor Ward