The share price of upmarket chain Marks & Spencer (M&S) rose today (April 11th) on the back of positive financial data from the firm.
Stocks in the company rose by close to four per cent after it was revealed in a trading statement that it has enjoyed its strongest quarterly sales growth in the last two years.
Group sales were up by more than three per cent in total, while food sales grew by more than six per cent, indicating the firm's strength in this market.
Chief executive of M&S Mark Bolland stated the result for the food sector was "excellent" for the company, pointing out progress has also been made in its operational execution.
"We are increasingly seen as the destination shop for special occasions," he said, adding: "Multi-channel sales growth accelerated and our international business also performed well during the quarter."
At 15:35 BST, the share price of M&S was recorded at 398.80, which is a rise of 15 points – or 3.91 per cent – on the start of the day's trading.
Find up to date information on the FTSE 100 and spread betting strategies at City Index
StoneX Financial Ltd (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.
No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.