Over the past 20 years, Marks & Spencer (MKS) has made many attempts to turn itself around. There have been many false dawns, but investors have bought into its latest attempt as they have more confidence that this time it might be sustainable.
The shares have recovered strongly since falling below 100p in the autumn of 2022, and have delivered total returns of 73 per cent over the past year.
However, since the end of last year, they have lost some of their momentum as the company comes up against tougher trading comparatives and rising wage costs. This may offer investors a decent buying opportunity.