Marks & Spencer Group (LON:MKS) is scheduled to update investors on its half-year performance on Wednesday, November 7, after earlier this year, it moved to scrap its trading update provided alongside the annual general meeting. The results will come amid the retailer’s ongoing reorganisation as the group looks to revive its clothing and food businesses.
Marks & Spencer’s share price has climbed higher in London in today’s session, having gained 0.87 percent to 303.00p as of 14:56 GMT. The stock is outperforming the broader UK market, with the benchmark FTSE 100 index currently standing 0.14 percent higher at 7,124.72 points.
M&S to post interim results
Marks & Spencer is scheduled to update investors on its interim performance on Wednesday, and the Belfast Telegraph reports that the high street giant is tipped by City analysts to book a 14-percent fall in underlying pre-tax profit to £188 million for the first half of the year. The group’s like-for-like sales at its troubled clothing and home division meanwhile are expected to have fallen 1.2 percent.
Proactive Investors meanwhile quoted Graham Spooner, investment research analyst at The Share Centre, as commenting that M&S’ “results were overshadowed by the news of a major restructuring which involves the closure of 100 stores so any news on progress with that, and the costs associated, will also be of interest to investors”.
The analyst reckons that the high street retailer is “belatedly making strides into online and digital retailing, including a new in-store payment app, and the market will be interested in what proportion of sales now come from those areas”.
Analyst ratings update
UBS reaffirmed M&S as a ‘neutral’ today, without specifying a valuation on the shares. According to MarketBeat, the blue-chip retailer currently has a consensus ‘hold’ rating and an average price target of 315.65p.