M&S has issued its Q4 trading update this morning (March 31) and it is an improvement on the last quarter and much better than many commentators had expected.
The chain, headed by chairman Sir Stuart Rose, last reported on January 7 when its Q3 results were dreadful with sales down 7% over Christmas and more than 1,000 job losses announced.

However, in Q4, UK sales declined by just 0.3% in total, compared with Q3, leading Sir Stuart to say things have 'not got any worse' on the high street.

In Q4 the group's sales were up 1.9%, although UK sales were down marginally at 0.3%.

UK like for like (lfl) sales were down 4.2% with general merchandise falling 4.8% and food dropping 3.7% 


However, online sales were up 20% and international sales jumped up 23%.

Sir Stuart said: 
"We have made progress against the key priorities set out at the interim results in November.

"Our customers are responding positively to the actions we have taken, resulting in an improved sales performance this quarter in both general merchandise and foods.

"While the outlook remains uncertain, we are confident that we are doing the right things for our customers and for our business."