Updates

Marks & Spencer - Food sales gain offset clothing decline

May 2013

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.

Whilst rumours of a possible bid approach from the Qatari Investment Authority abound, sending the shares to the top of their range M&S also delivered a trading update ahead of expectations. Group sales rose 3.1% but the surprise was the 4% increase in like-for-like food sales, which offset a decline of 3.8% in general merchandise as M&S maintained margins by using promotional activity only sparingly. The hope is that general merchandise will receive a boost from the spring / summer product range, while new management have started delivering operational improvements in availability and stock management. Final results are due on 21 May with consensus eps forecasts being 33.1p, rising to 36.35p for the current year. < ...

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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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