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Marks & Spencer - Pulls back sales growth targets

July 2012

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

  • Epic Code:
  • MKS
  • Price:
  • 331p
“Overtaken by events, dear boy†is a famous quote that Marks & Spencer chief Marc Bolland might have used to describe the reason for scaling back his three-year sales growth target range from an original £1.5bn-£2.5bn. to just £1.1bn - £1.7bn. Indeed, given that one economist has just calculated that 3.5% of the 4% reduction in UK economic output since 2008 was accounted for by collapsing consumer spending (worse than any other G8 country) there has simply been nowhere for Marks & Spencer to go. Having said all that, the 1.2% fall in underlying pretax profit to £706m in the year to 31 March on a 2% rise in group sales to £9.9bn was slightly better than brokers’ forecasts. With eps virtually unchanged at 34.9p, t ...

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