2023-05-24 13:48:47 ET
Marks and Spencer Group plc ( OTCQX:MAKSF ) rallied on Wednesday after issuing its full-year earnings report and disclosing the it will restore a modest annual dividend
Sales were up 9.9% from a year ago to £12.0B, while profit after tax rose 18.0% to £356M. The retailer said its turnaround strategy is starting to deliver results.
Looking ahead to FY24, Marks and Spencer ( OTCQX:MAKSF ) said it expects modest revenue growth, driven by omni-channel as well as from the benefits of the accelerating store rotation plan. Further investment in quality and trusted value are anticipated to be partly offset by actions to mitigate sourcing cost pressures and to reduce waste and stock loss.
Weighing in on the report, Hargreaves Lansdown analsyt Aarin Chiekrie said demand for M&S food remains strong and is arguably more protected from the high levels of inflation the UK economy is seeing at the moment due to the company having core customers not as sensitive to prices.
Marks and Spencer Group plc ( OTCQX:MAKSF ) finished the day up 12.93% in London trading to trade its highest level in more than a year.
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Marks and Spencer rallies to 52-week high after earnings