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    MKS   GB0031274896

MARKS AND SPENCER GROUP PLC

(MKS)
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Delayed London Stock Exchange  -  05/20 11:37:13 am EDT
135.70 GBX   +1.57%
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M&S nudges up outlook after strong Christmas

01/13/2022 | 03:04am EDT
FILE PHOTO: A woman walks past a branch of Marks and Spencer in Altrincham, Britain

LONDON (Reuters) - British retailer Marks & Spencer on Thursday nudged up its profit outlook after it reported a strong Christmas performance, particularly in food, where it outperformed the market.

M&S, Britain's most famous stores group which is recovering from a decade of decline, said it now expected full-year profit before tax and adjusted items to be at least 500 million pounds ($686 million) compared to previous guidance of about 500 million pounds.

It said food sales increased 12.4% against its pre-pandemic performance two years ago in the 13 weeks to Jan. 1, beating market forecasts of 10% growth.

Clothing and home sales rose 3.2% on the same basis, also surprising on the upside. The market had expected a 0.9% fall.

Chief Executive Steve Rowe said: "Trading over the Christmas period has been strong, demonstrating the continued improvements we've made to product and value."

He said food had outperformed the market over both 12 and 24 months, while clothing & home had delivered growth for the second successive quarter, supported by more full-price sales.

The update provides evidence that one of Britain's most elusive turnarounds could finally materialise. M&S's shares have nearly doubled over the past year.

($1 = 0.7293 pounds)

(Reporting by Paul Sandle; Editing by Kate Holton and James Davey)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
MARKS AND SPENCER GROUP PLC 1.57% 135.7 Delayed Quote.-40.84%
ON SEMICONDUCTOR CORPORATION 0.70% 56.46 Delayed Quote.-16.87%
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Analyst Recommendations on MARKS AND SPENCER GROUP PLC
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Financials
Sales 2022 10 837 M 13 509 M 13 509 M
Net income 2022 352 M 438 M 438 M
Net Debt 2022 2 933 M 3 656 M 3 656 M
P/E ratio 2022 7,95x
Yield 2022 0,14%
Capitalization 2 681 M 3 342 M 3 342 M
EV / Sales 2022 0,52x
EV / Sales 2023 0,49x
Nbr of Employees 69 577
Free-Float 99,6%
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Mean consensus OUTPERFORM
Number of Analysts 23
Last Close Price 136,90 GBX
Average target price 212,14 GBX
Spread / Average Target 55,0%
EPS Revisions
Managers and Directors
Steve Rowe Chief Executive Officer & Executive Director
Eoin Philip Tonge Chief Financial Officer & Executive Director
Archibald John Norman Chairman
Carl Dawson Director-Information Technology
Sacha Berendji Director-Retail, Operations & Property
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