M&S sales hit by stock shortages A failure to order enough women's knitwear and sought-after shoes has hit sales at Marks and Spencer in the first three months of 2012. In a quarterly trading statement, the retail bellwether said it had been short of stock in several best-selling womenswear lines, adding that trading in Ireland and Greece had been affected by economic woes. The weaker than expected sales update sent M&S shares 2.9 per cent lower to 357p in early morning trading in London on Tuesday, making it the second-worst performer in the FTSE 100. Marc Bolland, chief executive, said the chain sold 100,000 items of M&S Woman knitwear over the period but said there had been demand for three times that amount following a cold snap in February. Customers would also have bought twice as many women's pumps if the stock had been there, he added. "We were just a bit underbought in areas," he said, adding that steps were being taken to avoid a repeat of the issue. M&S's menswear, lingerie and childrenswear departments had performed well during the period, the company added. The stock shortages contributed to a 2.8 per cent year-on-year decline in like-for-like sales at its UK clothing and homeware arms in the three months to March 31, the fourth quarter of M&S's financial year. The drop partly reflects a withdrawal from selling televisions, and follows a 1.8 per cent year-on-year decline in like-for-like sales in stores open at least one year in the third quarter. The sales trend was stronger in M&S's food arm, which posted a 1 per cent year-on-year increase in like-for-like UK sales during the period. Like-for-like UK sales fell 0.7 per cent overall, worse than the gain of about 0.8 per cent that analysts had been expecting. International sales during the period were 2 per cent lower than the same quarter a year earlier as strong trading in the new Paris flagship store could not offset macroeconomic weakness in Greece and Ireland. Overall group sales were up 0.8 per cent, aided by the opening of new shops. M&S said it was confident that its profits for the year just ended would be in line with expectations. It reports its annual results on May 22. Analysts at Investec Securities said the fourth-quarter sales figures were weak, adding that the womenswear performance was "worrying." The retailer said it had also found savings in a planned revamp of UK stores, which it said would now cost £500m rather than the expected £600m.