As Marks and Spencer’s shares soared to a 19-month high it has qualified to re-enter the FTSE 100 from September 1, for the first time in four years.
Its market capitalisation topped £4.3bn, placing it below B&Q and Screwfix owner Kingfisher in the index which qualified for this promotion following the latest quarterly reshuffle by FTSE Russell. M&S shares have jumped by 80 percent so far this year. This is the outcome of the turnaround program that picks up pace under chief executive Stuart Machin and co-chief executive Katie Bickerstaff. The retailer disclosed earlier this month that it expects to deliver “increased profits” this year. The company originally anticipated a small decline.
M&S said its half-year results will “show a significant improvement against previous expectations”. An official of the company told the media that returning to the FTSE 100 would of course be good news but that it would be just another day. He said the company would thrive or go down depending upon the buying pattern on any given day. He said policies that attract customers will benefit the shareholders of the company.
He said the M&S team is operating on an ambitious plan for the future of M&S and its focus is on reshaping the business for future growth.
Marks and Spencer makes return to FTSE 100
