Agree with summary. I think the SP is near or at the bottom and all the necessary restructuring is being ,or has been implemented which makes it the right time to buy IMO. Results will be better than forecast.
The business will post clothing and home sales approx 5-6% down on year with food broadly level. The company have done less discounting and only had 2 sales in the half compared to 4 last year. Price re-alignment of clothing offer has had an an affect on sales, but volume is broadly level on year.
Business currently re-structuring offices and its pay and benefits to all staff, so doing things that should have happened years ago. Cap ex spending debt nearly paid so will be a tough year but profits were already downplayed at start of year to fall. This fall though will be less than anticipated. Will maintain the divi to maintain share price. Business is also continuing to invest in new footage across it's estate.
With clothing sales having something like 24 out of last 25 quarters year on year down, they are almost bottomed out so could see quarter on quarter growth from Q3, which is sustainable.
Believe that an Mcap of 5.7b massively undervalues this company, approx 2b value of property and annual profits c600m with no pension deficit, so will either be a share that is on up or subject to a takeover in the near future.
Can only find Helen Weir buying 20.5K since June. New clothing range looks seriously overpriced in comparison to Debs, etc. Divi reduction a possibility to pay for restructuring. Does not look rosy to me.
Speaking of banks, is the banking arm of m&S the same as this? Or is it just the shops. We just ditched our halifax accounts and signed up for two m&S accounts, get £220 a yr to spend in store. So some banks are giving you something, just gotta be savy and shop around.
I've shopped at Mands for years and you are right - they are doing far more deals and better prices than previous years - the dine in for £10 a prime example of an absolute bargain. Just need to get the clothing/homeware right - especially the web site and all is looking great. The banks pay a pittance in interest so the divi looks very attractive and cash flow is good
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