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M&S Share Price Soars Despite Swinging To A First Loss Ever

M&S store
Nigel F

Shares of Marks and Spencer Group PLC (LON: MKS), or better known as M&S, soared about 7% Wednesday after the fashion retailer reported better-than-expected half-year results.

Despite topping market’s expectations, M&S reported the first-ever loss after the pandemic pushed its finances into the red.

M&S reported that it made a pretax loss before one-off items of £17.4 million pounds for the half-year ending September 26. Still, this is much better than a loss of £59 million expected from analysts. Last year, the company reported a profit of £176 million.

The retailer said that its clothing and home unit saw its sales tumbled by 21.3% in the second quarter, after crashing by 61.5% a quarter earlier. On a more positive note, its joint venture with Ocado has continued to impress.

“My goal remains unchanged – that is to deliver the long-term transformation for M&S, building a brand that is more digital in a world that will never be the same again,” CEO Steve Rowe told journalists during a call.

M&S stock price soars on better sales November 2020

M&S share price rose around 7% initially before settling down at around 4.5%. Shares are up nearly 8% on a weekly basis.

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Nigel F
Nigel F
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Nigels tiefes Verständnis der Finanzmärkte basiert auf über 10 Jahren Erfahrung. Nigel wurde bisher zweimal von der FCA (Financial Conduct Authority) autorisiert und hat in der letzten Zeit eine Finanz-Brokerage Firma besessen und verkauft. Er liefert hochaktuelle Analysen und Einsichten in die Finanzmärkte und in die allgemeine Wirtschafts- und Währungspolitik des Vereinigten Königreichs, der USA, Europas und Asiens.