M&S shares reach 17-month high

M&S shares reach 17-month high
M&S is in the middle of a major turnaround scheme under chairman Archie Norman and chief executive Steve Rowe. (Image: PA Wires)
// M&S’s value hits £3.5bn after unexpected spike in sales allows it to raise profit targets
// M&S shares closed 5.1% higher at 179.4p on Wednesday – the highest level since February last year
// However, its shares were worth almost 370p in May 2017

Marks & Spencer shares have reached their highest levels in 17 months in the wake of an unexpected spike in sales and a raising of profit targets last week.

The retailer’s recent trading update – in which it reported a 29.1 per cent year-on-year sales increase in the 19 weeks to August 14 and a profit forecast at the upper end of previous guidance of £300 million-£350 million – took the City by surprise and prompted an upgrade in price targets.


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As a result, M&S’s shares were at their highest level since February last year, before the Covid-19 pandemic wreaked havoc on UK retail and the wider economy.

M&S shares closed 5.1 per cent higher at 179.4p on Wednesday, which values the retail stalwart at £3.5 billion.

However, this still pales in comparison to when its shares were worth almost 370p in May 2017.

M&S is in the middle of a major turnaround scheme under chairman Archie Norman and chief executive Steve Rowe.

The retailer is due to hold an investor day on October 7 to update shareholders on its progress.

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