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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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Some customers miss out as Marks & Spencer launches food delivery with Ocado

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09/01/2020 | 09:48am EDT
FILE PHOTO: People are seen outside a Marks and Spencer (M&S) store, in Altrincham

Britain's Marks & Spencer made the first deliveries through its new online food shopping joint venture with Ocado on Tuesday, though the launch was marred for a "very small number" of customers whose orders were cancelled.

The 1.5 billion pound Ocado Retail venture is a cornerstone of M&S's latest attempt to turn itself around and offset problems at its pandemic-hit clothing business.

"The M&S launch has been incredibly popular. We have seen a surge in demand for M&S products in the run up to launch which has impacted a very small number of orders today," said an Ocado spokeswoman.

"The vast majority of customers are unaffected and will be delivered as normal. We would like to thank our customers for giving M&S such a big welcome and sincere apologies to any customers having to wait a bit longer."

After a decade of failed revamps and amid plunging sales in clothing and homewares, M&S could have done with a flawless launch.

Shares in M&S were down 4.4% at 1207 GMT, extending 2020 losses to 50%. Ocado shares, which have nearly doubled this year, were up 0.6%.

The venture ends Ocado's two-decade supply contract with supermarket chain Waitrose, part of the employee-owned John Lewis Partnership [JLPLC.UL], and replaces some 4,500 Waitrose products with the full M&S food range of 6,000 products and 800 everyday clothing and home lines.

Online grocery shopping has doubled its share of the UK market to 14% since the start of the COVID-19 pandemic, and Ocado reckons it could reach 30% over the next few years.

Waitrose sees the split with Ocado as an opportunity to further develop its own online services.

"You can count this as our graduation day, we're ready to go on our own," Waitrose Executive Director James Bailey told Sky News.

"We've got 160,000 order slots ready for our customers, they're full every week and we're growing week on week, so we're pretty confident about the future," he said.

On Friday Waitrose said it was teaming up with Deliveroo to trial fast home-delivery.

(Reporting by James Davey; Editing by Alistair Smout, Kate Holton and Susan Fenton)


Stocks mentioned in the article
ChangeLast1st jan.
FLAGSTAR BANCORP, INC. -1.44% 29.48 Delayed Quote.-21.86%
MARKS & SPENCER GROUP PLC -2.38% 89.36 Delayed Quote.-57.14%
OCADO GROUP PLC 2.55% 2364 Delayed Quote.80.84%
THE SINCERE COMPANY, LIMITED -5.80% 0.325 End-of-day quote.56.25%
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Financials
Sales 2021 9 109 M 11 852 M 11 852 M
Net income 2021 92,3 M 120 M 120 M
Net Debt 2021 4 028 M 5 241 M 5 241 M
P/E ratio 2021 19,0x
Yield 2021 2,14%
Capitalization 1 786 M 2 319 M 2 324 M
EV / Sales 2021 0,64x
EV / Sales 2022 0,57x
Nbr of Employees 75 505
Free-Float 99,5%
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Technical analysis trends MARKS & SPENCER GROUP PLC
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Mean consensus OUTPERFORM
Number of Analysts 23
Average target price 129,95 GBX
Last Close Price 91,50 GBX
Spread / Highest target 85,8%
Spread / Average Target 42,0%
Spread / Lowest Target 9,29%
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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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