Marks and Spencer has reported a fall in sales for the fourth consecutive quarter, but its figures were better than expected. M&S said like-for-like sales in the UK – which strip out the impact of store openings and closures – were down 4.2% for the 13 weeks to 28 March. Experts had forecast a bigger decline of as much as 7.5%. Shares in M&S jumped 12% to close at 296p.

General merchandise sales – which includes clothes – fell 4.2%. The company added that it maintained market share in clothing over the full year. Overall group sales were up 1.9%, with significant increases seen in online and international sales. In January, M&S announced 1,200 job cuts and plans to close 27 stores. It intends to close 25 of its Simply Food stores and two of its regular stores.

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