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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Marks & Spencer Group plc    MKS   GB0031274896

MARKS & SPENCER GROUP PLC

(MKS)
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More than 10% of British shops vacant, survey shows

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09/03/2020 | 12:32am EDT
FILE PHOTO: The spread of the coronavirus disease (COVID-19), in London

More than one-in-ten British shops now stand empty, reflecting recent widespread closures which are partly the result of the coronavirus crisis, a report on Thursday showed.

Researcher Springboard said the vacancy rate rose to 10.8% in July, from 9.8% in January 2020, reaching its highest level since January 2014 as Britain's store-based retail sector, outside of food, was hit by a lockdown to counter the pandemic.

Already weak players such as Laura Ashley, Debenhams, Oasis Warehouse, Cath Kidston and Monsoon/Accessorize have all gone into administration, with the loss of thousands of jobs, while other major retailers, including Marks & Spencer, Boots and John Lewis, are also closing stores.

Britain's store groups were already struggling with high rents and business taxes, tight margins and online competition before the pandemic took a grip on the country's economy.

Springboard said vacancies rose in six out of ten areas, but by far the greatest increase was in Greater London, where the vacancy rate rose by nearly two-thirds.

"This result brings into sharp focus the difficulties faced by large cities in attracting customers back and the impact of this on our bricks and mortar retail landscape," Springboard director Diane Wehrle said in a statement.

Springboard said that although shopper numbers improved in August for the third consecutive month, they were still down 30.8% from the same period in 2019.

(Reporting by James Davey; Editing by Alexander Smith)


Stocks mentioned in the article
ChangeLast1st jan.
FLAGSTAR BANCORP, INC. 1.10% 32.3 Delayed Quote.-15.56%
MARKS & SPENCER GROUP PLC 0.18% 97.2 Delayed Quote.-54.17%
WALGREENS BOOTS ALLIANCE, INC. 1.41% 38.04 Delayed Quote.-35.48%
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Financials
Sales 2021 9 109 M 11 876 M 11 876 M
Net income 2021 92,3 M 120 M 120 M
Net Debt 2021 4 028 M 5 252 M 5 252 M
P/E ratio 2021 20,3x
Yield 2021 2,00%
Capitalization 1 910 M 2 492 M 2 490 M
EV / Sales 2021 0,65x
EV / Sales 2022 0,58x
Nbr of Employees 75 505
Free-Float 99,5%
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Mean consensus OUTPERFORM
Number of Analysts 23
Average target price 129,95 GBX
Last Close Price 97,84 GBX
Spread / Highest target 73,8%
Spread / Average Target 32,8%
Spread / Lowest Target 2,21%
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Managers
NameTitle
Steve Rowe Chief Executive Officer & Executive Director
Archie J. Norman Chairman
Eoin Philip Tonge Chief Financial Officer & Director
Carl Dawson Director-Information Technology
Andrew Nigel Halford Senior Independent Non-Executive Director
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