- Marks & Spencer Group
- 07 October 2025 13:13:39
Source: Sharecast
It noted that the retailer has not updated the market since its full-year 2025 results in May when investors were understandably focused on the implications of the April cyber attack.
"With the vast majority of the group’s systems now relaunched, and the online business re-opened, we think M&S is now largely back to BAU," it said.
"Worldpanel and Nielsen Grocery data suggests that engagement has been maintained in Food (with M&S shopper numbers + circa12% yoy). In the FH&B business web & app traffic trends have shown an improvement back into positive territory.
"M&S has run selected Sparks promotions and pockets of marketing in an effort to catalyse the customer, and the reasons for the group’s consistent share gains in clothing ahead of the cyber attack remain very much present: improved style (the new collection has received positive commentary in the press, including on the appeal to both core and younger customers); better value; convenience; and arguably still a relative lack of scale competition in the group’s core market segment (as evidenced by the material boost to Next’s performance during the M&S cyber attack)."
JPM said it thinks the balance of risk has now firmly shifted to the upside, assuming that M&S can reassure on consumer re-engagement in FH&B into peak.
The bank expects investor focus to start moving back to the fundamental turnaround story, where it sees continued opportunity for share gains in both divisions, along with efficiencies to support growth investments and margin.
At 1310 BST, the shares were up 1.3% at 379.85p.