admin British department store retailer Marks & Spencer has returned to the FTSE 100 index for the first time in four years after its shares began to surge.
This year, the company’s share price has risen beyond 75 percent following a series of store revamps and investments in certain regions of the UK.
The retailer’s chief executive Stuart Machin told the BBC that this was a “reflection” of its “hard work”, adding: “We’ve just got to crack on with the job and make sure we continue our positive momentum.”
It comes after Marks & Spencer raised its full-year profit guidance earlier this month, following its report of strong sales in the year to date.
The retailer announced that like-for-like clothing and home sales grew over 6 percent in the 19 weeks to August 12, while its sell through rates were “robust”.
In a statement at the time, the company said that its interim results for the 26 weeks ending September 30 – scheduled to be published November 8 – showed “a significant improvement against previous expectations”.
The FTSE 100 outlines the 100 largest UK-listed firms, ranked by market value. The index is reshuffled four times a year, enabling companies to enter, while others could possibly slip to the lower FTSE 250 tier.
Marks & Spencer was among those that were dropped from the index in 2019 as sales began to decline and it was faced with increased competition.
