Marks and Spencer shares at 18-month highs on hopes for big profits ahead
A profit upgrade at Marks & Spencer across its entire business has been enough to lift the stock 7% to levels not seen since the beginning of 2022.
The company has said that good trading at its clothing, homewares, and food divisions has shown the resilience of its brand during tough times.
(Video Transcript)
Marks & Spencer
It's been a really good last quarter or so for Marks & Spencer across its brands and it's bricks and mortar that's really winning out over online. Let's take a look at the share price chart in reaction to the news out this morning that the company's raised its financial guidance after what it says was strong trading, telling investors it'll deliver higher profits for the full year.
Marks & Spencer increased market share
Now the company has increased market share in both its clothing and home and food businesses over the past 19 weeks and you can quite clearly see the reaction here to the share price on the far right hand side here.
Previously we've been up 128.75% up from the lows we had back in October last year. You can then raise that up. Let's take a look at what's happened actually for the company over the, since the beginning of this year where we started trading this 128.4 line.
Market share
It's now gained 75% but currently trading now at levels not seen in this market since the 24th of January 2022. All things are going well at Marks & Spencer. It seems to be taking market share and it's doing well across its business and of course this comes amid a challenging backdrop for the retail sector overall.
Higher mortgage costs
Higher mortgage costs and household bills have put pressures on shoppers' budgets but as is quite often the case when you see times of pressure people return to what they know best, what they like best, who they can rely on and Marks & Spencer's up there with the rest of them are those that are benefiting from the current trading environment. Things looking good for the full year at Marks & Spencer. Thanks for watching.
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