FTSE reshuffle: Who’s been promoted and who’s got the boot? Markets Marks & Spencer has climbed back on to the UK’s FTSE 100 four years after dropping off the top stock index, while housebuilder Persimmon has been demoted following a rocky patch for the housing market. The upmarket supermarket staged the return to the top tier after seeing its share price jump by more than two [...]
Retail shares may rise as profit upgrades boost investor confidence retail Retail shares could shoot up over the coming months despite recessionary headwinds, reports from City analysts suggest. Analysts at Peel Hunt said the market was “undervalued,” following a season of profit downgrades issued by major UK retailers that sent investor conference sinking. Many retailers were hit hard by red-hot inflation which led consumers to be [...]
Tesco first retailer to cover VAT on period pants following industry led campaign Tesco Tesco has become the first retailer to cover the cost of VAT on its range of period pants, in the latest push from retailers to government to place the absorbent underwear in the same category as menstrual products so it can be exempt from the tax. On Monday, the ‘Big Four’ grocer will introduce a [...]
M&S digital chief exits amid business boom August 20, 2023 The top dog behind Marks & Spencer’s digital growth is reportedly leaving the retailer just months after being promoted. Chief digital and technology officer Jeremy Pee, who landed the position in January, is understood to be leaving the business to return to Canada. According to a report in The Sunday Times, M&S’s co-chief executive officer [...]
Remarksable! M&S raises profit outlook after fresh boost from clothing and food sales August 15, 2023 M&S has raised its profit outlook for the year after the high street stalwart was boosted by sales in its clothing and food arm. The UK retailer reported a 11 per cent hike in sales across its food offering in the first 19 weeks of the year as the business pumped further investment into its [...]
‘Utterly pathetic’: M&S boss furious as Gove rejects Oxford Street store demolition plan July 20, 2023 Plans by M&S to demolish its flagship site on Oxford Street have been rejected by Michael Gove. The high street stalwart had previously received a green light from Westminster City Council to tear down its Marble Arch store and replace it with a revamped shop featuring a new cafe, offices and a gym. However, the [...]
No teas or coffees for shareholders at M&S AGM as chairman tells them to go digital July 2, 2023 Attendees of the Marks & Spencer AGM on Tuesday will not be served any refreshments or get a chance to speak to bosses face to face, as it looks to take the event totally digital. The Percy Pig maker had advised shareholders not to travel to the company’s AGM on Tuesday, with shareholders who do [...]
WH Smith, M&S and Argos among hundreds fined for failing to pay minimum wage June 21, 2023 Hundreds of businesses including high-street heavyweights WH Smith, M&S and Argos have been named and shamed after being fined for failing to pay workers the minimum wage. Firms from sole traders to household names were ordered to repay 63,000 staff lost wages totalling close to £5m, after breaching National Minimum Wage (NMW) law. WH Smith [...]
‘You can’t interfere in the markets,’ Asda boss tells government over food price caps May 30, 2023 Veteran retail boss Stuart Rose has warned the government of “unintended consequences” around encouraging supermarkets to impose price caps on food staples to cut the cost of living. Asda chairman Lord Rose, who also ran Marks and Spencer and chaired Ocado, said “you can’t interfere in the markets” and warned of the “unintended consequences” of [...]
M&S hopes share price continues to rebound after further signs of progress May 24, 2023 Marks and Spencer said this morning that it was starting to see the fruits of a refreshed strategy as the British retailer revealed a 9.6 per cent hike in revenues thanks to selling trendy clothes and a wider range of food. For the year, M&S said that revenues reached £11.93bn compared to £10.88bn, in the [...]