Marks and Spencer’s shares jumped more than 20% on Wednesday to their highest level in nearly two years after the retailer said annual profits would exceed expectations (The Financial Times Â£).
Marks & Spencer was supported by higher profits as sales were boosted by increased demand for womenswear following the bankruptcy of a series of rivals (The Telegraph).
Marks & Spencer raised its profit forecast by more than 40% after the retailer claimed “hard work” on its turnaround plan was finally starting to materialize (The Times Â£).
Profits before taxes and adjustments soared 52.8% from pre-pandemic levels to Â£ 269.4million, against analysts’ expectations of Â£ 205million to Â£ 264million sterling (The Mail).
Demand for jeans, jogging pants and workwear helped Marks & Spencer achieve a long-awaited turnaround in its clothing business, which saw the group forecast Â£ 500million in profits for the company. full year (The Guardian).
Another Guardian article takes a closer look at how M&S became profitable again: âOut of the frump slumpâ.
A separate analysis in The Times (Â£) examines how M&S turned a corner on a long road to redemption.
An analysis in The Telegraph looks at the retailer’s battle to prove that it is still a great British institution. “For the first time in many moons, the mainstreet pillar is arguably on track to regain its spark
An economics editorial in The Guardian gives five reasons why Marks & Spencer’s turnaround looks like the real deal.
The Telegraph’s trade editorial argues that it took a pandemic to save Marks & Spencer from disaster.
UK retailers have reaped significant productivity gains from the shift to online sales which has been accelerated by the pandemic, as businesses become better able to operate with fewer workers (The Financial Times Â£).
Walkers said he was “very sorry” for the continuing shortage of his crisps (BBC News). The company said it was “doing everything in its power” to increase production and restock inventory on supermarket shelves.
U.S. inflation hit its highest rate in more than 30 years last month as companies passed on higher costs from supply chain bottlenecks (The Telegraph).
In the past 12 months, prices have risen 6.2%, according to a Labor Department report released Wednesday (The Guardian).
This is the fastest growth rate since November 1990, as the world’s largest economy continues to face bottlenecks in its supply chain (The Times Â£).
JD Wetherspoon has warned of a shortage of older customers returning to his pubs with sales of drinks such as traditional beers and stouts down almost a third from 2019 (The Financial Times Â£).
Despite an increase in the popularity of cocktails and spirits with younger customers such as college students, the pub chain saw its quarterly revenue decline (The Telegraph).
In the first 15 weeks of the fiscal year, sales were 8.9% lower than the same period of 2019, the latest comparable period where trade was unaffected by coronavirus restrictions (The Guardian ).
The company said its 46 Lloyds bars, which have music on weekends, were back to pre-Covid levels – up 0.5% from 2019 – “likely reflecting a higher percentage of customers younger “(The Times Â£).