FREDDIE GEORGE | SEYMOUR PIERCE
The statement is relatively reassuring and at this stage management is happy to flag up no change to full-year 2012 forecasts. Trading would have benefited from a reasonably buoyant April helped by the late Easter and royal wedding while May was weak.
NICK BUBB | ARDEN
M&S is keeping its nose above water and ahead of a pretty tough market, although the market appears to have been a bit disappointed, with the shares trading over two per cent down first thing. We suspect that increased discounting has put some pressure on gross margins.
RICHARD HUNTER | HARGREAVES LANSDOWN
The UK bellwether has seen its share price outperform of late, although this update has done little to justify investors’ faith. In its two main strands of food and clothing, there are some signs of optimism. Food has been the main contributor of growth, helped along by some promotional offers.