Marks & Spencer (LON: MKS) has relaunched its Sparks loyalty programme with what Shore Capital describes as a “real uplift” in customer benefits, as the retailer looks to rebuild momentum following a year of disruption and rising costs tied to the conflict in Iran.
The revamped Sparks, described by M&S management as “a key strategic milestone as M&S reshapes for growth,” centres on a digital wallet offering cash-equivalent rewards rather than points.
Customers can earn £10 when spending £50 on fashion, home and beauty, £5 on a £35 food shop, and £1 when spending £10 on fresh fruit. Shore Capital notes M&S cheekily described the new scheme as offering “pounds, not points and tricksy pricing.”
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Shore Capital stated in a note that the relaunch has been executed “with a bit of a bang,” and sees the programme as a “potentially powerful new commercial dynamic in time.”
The broker highlights the scheme’s AI and machine learning capabilities as key to building personalisation over time, and welcomes M&S’s indication that this is “just the first stage of new Sparks with much more to come.”
On financials, Shore Capital forecasts FY27 pre-tax profit of approximately £955 million, though flags potential for a modest £25–30 million downward revision at May’s preliminary results, reflecting higher bond coupon costs, elevated energy costs from the Iran situation, and initial Sparks investment.
Despite near-term headwinds, Shore Capital says it “still expects M&S to make very considerable progress for its shareholder base in the years ahead.”
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