Share prices across the have soared in recent weeks. And some have really shot the lights out, thanks to some seriously impressive trading news. Take ( ).
The retailer continues to enjoy barnstorming profits growth, and a forecast-beating full-year update led to further substantial price gains. At 293p per share, it’s now up 81% over the past year. Only has punched stronger in the Footsie during the period.
Can it continue to soar? So what’s going on? There have been many false dawns at Marks and Spencer. But trading during the 12 months to March indicates it’s finally turned the corner, and in spectacular fashion. at the firm increased 9.
4% in the 12 months to March, to £13.1bn. UK Food sales rose 13% over the period, to £8.
2bn, while revenues at its UK Clothing and Home division improved 5.3% to £3.9bn.
This lifted the group’s pre-tax profit 58%, to £716.4m. M&S also revealed meaty cost reductions totalling £100m last year.
In light of this success, the firm’s now upgraded its cost-reduction target through to financial 2028, to £500m from £400m previously. Sea change The company’s recovery appears to be no passing fad. Indeed, sales at the Food and Clothing and Home divisions have now risen for 12 straight quarters.
Kathleen Brooks, research director at broker XTB, notes that “ .” On top of this, the retailer’s huge investment in Food also continues to pay off handsomely. Sales of its ‘Remarksable Value’ products rose 34% year on year as the bus.
