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Marks & Spencer Information
Share Price Information for Marks & Spencer (MKS)
Share Price is delayed by 15 minutes
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Share Price:
266.10
Bid:
265.70
Ask:
265.80
Change:
5.00 (1.91%)
Spread:
0.10 (0.038%)
Open:
263.70
High:
266.10
Low:
262.30
Prev. Close:
261.10
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Don't have an account? Click here to register.M&S beats forecasts, but analysts cautious about weak clothing trends
Wed, 05th Nov 2014 09:55
Marks & Spencer's shares surged on Wednesday after the retailer impressed with a surprise increase in first-half profits, and while the market welcomed the bottom-line beat analysts raised concerns with a continued underperformance in clothing sales.Although the market was expecting a fall in profits, better general merchandise (GM) margins and cost-cutting helped underlying profit before tax (PBT) rise 2.3% to £267.6m, ahead of the £252m consensus forecast.Group total sales advanced 1% to £4.9bn in the 26 weeks to 27 September, with like-for-like (LFL) sales rising 1% thanks to strong growth in food and a better performance from womenswear. However, warm weather in September meant that LFL sales in the wider GM division fell 2.9%."Unseasonal weather in September has overshadowed what was shaping up to be a reasonable half with progress visible on womenswear ranging, gross margin gains and efficiencies," said analysts at Investec.Investec kept a 'buy' rating for the stock, saying that the current valuation - shares trading on 11.2 times current-year estimated earnings - does not reflect the shift in the business model to cash generation.However, analysts at Numis Securities maintained a 'hold' recommendation, saying that full-year consensus forecasts are unlikely to change in spite of the first-half beat."Despite the H1 beat and the improved guidance on gross margin and operating costs, we expect the challenging trading conditions and M&S' ongoing LFL underperformance in GM, will result in full-year PBT forecasts settling around £650m, slightly light of the current consensus (£655m)."Similarly, Shore Capital reiterated a 'hold' stance saying that while first-half results were "robust", the shares " are not, frankly, going to outperform, in our view, until underlying trading in GM improves, which has been a statement we have now trotted out for some time".The stock had jumped 8.2% to 438p by 10:36.
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