M&S clothes are back in fashion - how about its shares? By Anne Ashworth Updated: 16:50 EDT, 24 May 2024 e-mail View comments Back in fashion: M&S has announced higher-than-expected profits of £716m Marks & Spencer is a national institution, which means it provokes strong feelings. These conflicting sentiments were displayed this week after the 140-year-old retailer announced higher-than-expected profits of £716m, thanks to a jump in sales of fashion and food. Sceptics preferred to view these results as a flash in the pan.
But they seem unaware of the advances at the retailer. These have laid the foundations for yet more improvement. As usual, the M&S believers – including me – smiled at detractors' remarks and felt a bit sorry for them.
They are enjoying neither the food nor the clothing, and depriving themselves of potential future gains. It is easy to see why some struggle to have faith. Over many years, share performance was dismal.
It even fell out of the FTSE 100. A string of chairmen and chief executives promised to transform it, and failed. So why should we believe things are different now? In the words of chief executive Stuart Machin, the latest results are only 'the beginnings of a new M&S'.
He has masterminded what some regard as a cultural revolution. But Machin is famous for being what he calls 'positively dissatisfied' – in other words, a workaholic perfectionist. He is unlikely to be inclined to sit about on an M&S Scandi-style Copenhagen armchair, how.
