M&S makes return to FTSE 100
Marks & Spencer has regained its spot as one of the top 100 companies on the London Stock Exchange after its shares rose to a 19-month high.
It marks the first time the retailer has joined the FTSE 100 in four years after it closed hundreds of stores in 2019.
Stuart Machin, M&S chief executive, said the news is a “reflection of everyone’s hard work”.
“Although we’ve made progress, there is still so much more opportunity ahead, and my mantra with everyone is to stay positively dissatisfied; always seeking to raise the bar. As a team, we are very ambitious for the future of M&S and our focus is on reshaping the business for future growth”, he added.
Last week, M&S said in a trading update it expects to deliver increased profits this year, despite originally anticipating a decline.
The retailer posted an increase in food sales of 11% for the 19 weeks to 12 August, while clothing and home sales also increased by 6%.
M&S’s shares increased by 9% after it released its trading update, bringing its market capitalisation to over £4.3bn. The retailer’s shares have increased in value by over 70% since the beginning of 2023.
The retailer’s turnaround can be credited to its strategy, which has seen the closure of a number of its high street stores, with a switch to a focus on its food business.
Despite this, it has still opened a number of larger flagship stores, such as at the former Debenhams store at Liverpool ONE.