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DO THE M&S FIGURES SPELL RECOVERY?

RICHARD HUNTER | HARGREAVES LANSDOWN
“The news from the High Street remains positive with today's contribution from M&S underlining the ongoing resilience of the consumer. However, the abolition of VAT relief along with almost inevitable pressure on consumer budgets later in the year will continue to weigh.”

JONATHAN JACKSON | KILLIK & CO
“M&S has continued the retail reporting season with a disappointingly mixed third quarter statement. Despite stock levels being better controlled with less stock going into the sale than last year, the group provided further disappointment by only maintaining guidance for a full-year gross margin decline of 50-100 basis points.”

MATTHEW MCEACHRAN | SINGER CAPITAL MARKETS
“M&S has reported third quarter figures this morning that are pretty much in line with our expectations with the exception of [its] international [unit] which was disappointing. Overall this a solid trading update confirming the return to positive growth in both food and non-food, albeit against very weak comparatives.”