London, June 13, 2026, 20:02 BST
- Marks & Spencer climbed 4.15% on Friday, outpacing the FTSE 100, which added 1.63%.
- The company’s next big date for investors is the AGM set for July 7. The real earnings focus is expected at November’s half-year results.
- Bulls are betting on food sales and a recovery after the cyberattack, while bears point to the valuation, risk in execution, and pressure on margins in fashion.
Marks & Spencer Group plc jumped 4.15% to 376.30p on Friday, beating the FTSE 100’s 1.63% advance. MKS shares traded at 376.70p to sell and 376.90p to buy, according to AJ Bell. That put the retailer’s market cap around £7.73 billion.
M&S beat the broader UK market, not just moving in line with the rally. Reuters said the FTSE 100 and FTSE 250 both gained 1.6% on Friday as shares climbed across the board. Hopes for a possible Iran-U.S. agreement and weaker oil prices helped drive the move. Stocks tend to rise when investors see stronger earnings ahead or accept less “risk premium”—a smaller reward for taking on uncertainty. They fall when profit forecasts, cash outlooks or confidence drop. Reuters
M&S shares are facing the same question as last year: was the cyber disruption a blip or a sign of bigger execution issues? In its full-year report, M&S Group said adjusted profit before tax dropped 23.8% to £671.4 million from £881.1 million. This measure takes out certain adjusting items and non-owned subsidiary profit or loss. Statutory profit before tax slid 28.8% to £364.6 million. Sales climbed 24.8% to £17.37 billion, which the retailer said partly reflects folding in Ocado Retail.
M&S CEO Stuart Machin described the recovery as “an extraordinary year,” pointing to a strong focus on customers and hard work that he said left the business stronger. Performance improved in the second half, with full-year food sales up 7.0% and food market share at 4.1%. Fashion, Home & Beauty sales dropped 7.7% as online trading and stock flow were hit. Marks & Spencer Marks & Spencer
M&S bulls argue the retailer still has room for an earnings rebound. The group finished the year with £338.2 million in net funds before lease liabilities, raised its final dividend 16.7% to 4.2p, and said it’s putting more into stores, digital and supply chain. Berenberg raised its price target to 480p from 415p and kept its buy, according to Sharecast. Marks & Spencer
The bear camp says the market may have already priced in a recovery. AJ Bell shows the stock trading at a 30.59 price-to-earnings ratio. That’s high—while growth might back it up, there’s not much margin for a miss. Shares are still under their 411.80p peak for the year, so investors don’t seem ready to wave off the risks around the cyber recovery, slimmer fashion margins, and costs.
M&S has its AGM set for July 7, but the next main earnings event is the half-year 2026/27 results due November 4. Capital Markets Day comes after, on November 10. Investors are focused on food taking share, Fashion, Home & Beauty fixing availability and margin, and if the tech and supply-chain spending is helping the top line, not just adding cost.
M&S shares are only appealing for investors who have faith in a lasting profit recovery, the latest verified numbers show. LSEG data from Investors Chronicle puts the median 12-month analyst target at 439.50p, up 16.8% from 376.30p, but with the lowest call at 360p, which is under the most recent close. After Friday’s rally, the shares don’t look cheap, just fairly valued. The risk now hangs on M&S delivering solid results in the next cycle.
