Marks & Spencer’s (LSE: MKS) share price hit a new high on Wednesday, closing up 2.2% at 282.10p, as analysts predicted the retailer’s recent success will be more than “a flash in the pan”.
The ascent follows a strong 2023 for the food and clothing chain. M&S posted a nearly £100m rise in half-year profits amid robust demand for its fashion ranges and food. Its share price has now risen 114% over 12 months.
Experts say M&S’s focus on fewer but larger stores, an improved supply chain and harmonising its food and fashion offers are paying off. The 140-year-old brand has morphed “from a basket case to a credible player”, said Charlie Huggins of Wealth Club.
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Crucially, analysts believe the improvements are sustainable. The turnaround is still early, suggesting “there could be more to come”, Huggins added.
All eyes are now on M&S’s Christmas update next week. Russ Mould of AJ Bell said sales growth figures will show if the high street bellwether is maintaining momentum.
