Marks & Spencer to open NEW stores in UK as shares rocket – but cost warning issued
The Daily Express says MARKS and Spencer (M&S) shares have soared over 15 percent this morning as the company bounced back from the pandemic reporting strong financial results and news of expansion.
Pre-tax profits for the six months to October stood at £187.3million, a major turnaround from a £87.6million loss last year. Online sales in particular have seen dramatic growth up 60.8 percent for clothing and homeware. Despite the strength of online sales over in-store M&S is still showing a commitment to bricks and mortar with plans to open 20 new stores, making up for the closure of three others earlier in the year. Chief Executive Steve Rowe said: “Thanks to the hard work of our colleagues, it is clear that underlying performance is improving, with our main businesses making important gains in market share and customer perception. The hard yards of driving long term change are beginning to be borne out in our performance.”
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