RUTH SUNDERLAND: Cheer up, City may be struggling but we've got M&S By Ruth Sunderland for the Daily Mail Updated: 21:50 BST, 26 May 2024 e-mail View comments Perhaps it is a slight exaggeration to say that when Marks & Spencer does well, the whole country feels better. In a week of political turmoil and the dispiriting spectacle of former Post Office boss Paula Vennells being eviscerated for her failure to stop the persecution of innocent postmasters, at least we had M&S to cheer us up. After years of drab fashion and dismal financial performance, it really does look as though Marks is finally back on form.
When so much of national life seems to be crumbling and dysfunctional, it's comforting to hope we can at least count on M&S. Shares in the retailer have risen 65 per cent in the past 12 months as investors begin to believe chairman Archie Norman and chief executive Stuart Machin have found the right formula. Sign of the times: Marks & Spencer is providing something of an antidote to the pall surrounding the London stock market The killer question is whether this is yet another false dawn.
As recently as 2018, when Norman warned it was on a 'burning platform', Marks was facing an existential crisis. There are reasons to believe recovery is built on solid foundations this time. The retailer has seen 12 quarters of sales growth, profits are up 58 per cent to £716m, which is more than the market was expecting, and it is paying its first dividend since 2019.
The revival is be.
