Marks & Spencer announced yesterday that it had purchased 19 stores from the Littlewoods group in the UK, including one at Connswater, Belfast. The purchase will increase the number of M&S outlets in Belfast to three when the new store is ready next year. Marks & Spencer currently has six outlets in Northern Ireland and three in the Republic. The 19 sites, amounting to 600,000 sq ft of selling space, were bought for £192.5 million sterling from cash resources and were "all in places where we have been seeking extra footage for many years", according to a company statement.
It added that the purchase underlined the company's confidence in the future of the High Street. Meanwhile, the company told its a.g.m. in London that business was booming although the strong sterling could wipe £20 million off profits this year.
Speaking to shareholders at the annual meeting, chairman, Sir Richard Greenbury said sales had rocketed in the first few months of the new financial year.
During the first quarter, clothes sales jumped by nearly 10 per cent, with womenswear doing particularly well, and home furnishing sales were up by more than 16 per cent.
Sir Richard added: "Internationally, things have also started well and first quarter sales in local currencies are 12 per cent up on the year.
"Despite the current exchange rate problems, which could reduce profits by some £20 million this year, we are developing a profitable global business. - (additional reporting by PA).
