Marks & Spencer results boost confidence

FTSE 250 supermarket group Marks & Spencer Group (LON:MKS) saw its share price climb by 8.39% to 93p (as of 14:45 BST) following the announcement of results for the year ended 28th March. Revenues were down by 1.9% and pre-tax profits dropped by 20.2%, but there were positive developments in the food division and the company’s stake in Ocado Retail has seen accelerating growth.

CEO Steve Rowe commented: “Last year’s results reflect a year of substantial progress and change including the transformative investment in Ocado Retail, outperformance in Food and some green shoots in Clothing in the second half. However, they now seem like ancient history as the trauma of the Covid crisis has galvanised our colleagues to secure the future of the business. The way our people have rallied to support our customers and communities has been awe-inspiring. From the outset we recognised that we were facing a crisis whose effects and aftershocks will endure for the coming year and beyond: Whilst some customer habits will return to normal others have changed forever, the trend towards digital has been accelerated, and changes to the shape of the high street brought forward. Most importantly working habits have been transformed and we have discovered we can work in a faster, leaner, more effective way. I am determined to act now to capture this and deliver a renewed, more agile business in a world that will never be the same again“.