Updates

Marks & Spencer

June 2009

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.

In what management described as challenging conditions Marks & Spencer announced a fall in pretax profit from Â£1bn to Â£604m on turnover virtually unchanged at Â£9.1bn. Eps fell 35% to 28p and the final dividend was cut a third to 9.5p but more positively net debt reduced from Â£3.1bn to Â£2.5bn. In general merchandise, like-for-like revenues fell 5.9% and although Marks has retained its market leading position in clothing (with a 10.7% share), sales still fell 4.1% in the year. Meanwhile, in food, in spite of a stronger promotional stance including â€œdine in for two for Â£10â€ offers and â€œweekend specials,â€ like-for-like sales fell 5% and market share fell from 4.3% to 3.9%. One improving area is Marks' balance sh ...

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With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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