Certainly, the seeds of recovery at Marks & Spencer would have been sown long before Marc Bolland took over as its chief executive. But his arrival has, nevertheless, coincided with an unexpected upturn in trading - and in the share price, which has climbed by nearly a quarter since he started in May.
Group sales in its second quarter climbed 6.5 per cent, with strong performances in both its general merchandising (GM) and food businesses. Like-for-like food sales climbed 3.7 per cent, with the group a beneficiary of the trading-up trend. And underlying GM sales climbed 7 per cent, as marketing investment pulled shoppers in. However, the extra promotional spend meant operating cost increases would be at the top end of its 4-5 per cent guidance range.
When: 31/03/10
Price: 365p
Performance to date: +11%
