City File: Top Marks
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.TWO OF the market's oldest truisms will be tested to the full next week: that no one ever lost money on Marks & Sparks and always to buy on lousy results. M&S's interim profits due next Wednesday are likely to show a small drop on last year's pounds 215m pre-tax, themselves pounds 15m down on the 1990 figure. But M&S has been such a reliable defensive stock over the past couple of years that investors may underrate its appeal during the coming recovery, especially as it remains well over 20 times earnings.
Nevertheless, sensible investors will buy on the slightest sign of weakness. Last year, incoming chairman Sir Rick Greenbury bit the bullet, finally solved the long-standing Canadian problems and declared some unprecedented redundancies.
The sophisticated M&S supply system can take full advantage of any increase in retail sales: moreover the smaller items that are M&S's staples - clothing and luxury foods - will be the first to pick up. Now that North America is no longer absorbing spare cash and Europe and the Far East are going great guns, the only surprises in 1993/94 should be happy ones.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments