Updates

Marks & Spencer

May 2010

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.

M&S has reported Q4 sales ahead of expectations with like-for-like sales rising 5.1% for the 13 weeks to 27 March, beating forecasts of 1.7% growth. There were improvements across the board in the UK with sales of general merchandise (which includes clothes) rising 9.1% and food sales ahead 1.8%. Meanwhile, sales at its online division, M&S Direct rose an impressive 48%. The disappointment was international sales falling 5.9% as a result of difficult conditions in the Republic of Ireland and Greece. Looking ahead to 2010 / 2011, gross margin is expected to be broadly level with last year, while operating costs are expected to increase 4-5% as a result of space growth of 2%, increased depreciation and cost inflation. ...

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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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