Trading at Marks and Spencer continues to move in the right direction, but its shares still suffered heavy falls after its seemingly positive trading update on Wednesday, as investors instead chose to focus on the cautious outlook statement and difficult trading conditions overseas.
IC TIP:
Buy
at
341p
UK like-for-like sales climbed 3.6 per cent in its first quarter, driven by a 6 per cent underlying increase in general merchandise and 1.5 per cent in food, and the group said clothing market share had increased 50 basis points to 10.7 per cent. But new chief executive Marc Bolland cautioned that the coming VAT increase could impact consumer confidence and spending.
When: 31/03/10
Price: 365p
Performance to date: -7%
