M&S has posted disappointing financial results for the Christmas shopping season.

High street retailer Marks & Spencer (M&S) has experienced a drop in its share value after publishing disappointing results for the Christmas sales period.

The interim management statement posted today (6 January) showed the retailer’s UK like-for-like sales had risen by 0.8% in the three months to 26 December 2009.

The small rise in sales failed to meet market expectations, and is particularly disappointing in light of John Lewis’ recent positive Christmas results. Analysts had predicted a 2% rise in sales over the holiday period.

During the quarter, the company’s overall like-for-like sales rose by 1.2%. General merchandise sales also grew by 1.2% and food sales experienced a growth of 0.4%.

Despite food sales trailing behind clothes over the three months to Boxing Day, M&S experienced a record number of sales in the food department in the immediate two weeks to Christmas Day.

Sir Stuart Rose, M&S Chairman, said: “We had a good Christmas, continuing the improvements seen throughout 2009. Despite the difficult weather conditions, our staff delivered a great Christmas for our customers.

“We expect the trading conditions over the coming year to remain challenging as a result of continuing economic uncertainty. We believe however, that customers will continue to seek out real value and quality for which we are justly famous.”