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Marks & Spencer (Q1 trading statement 11 July)
The full-year results from Marks & Spencer saw a 64% fall in pre-tax profit, as the firm boosted investment, but an 11% rise in full-price clothing and home sales was trumpeted as evidence of real improvement. But the outlook seems tough, with retail sales growing only 0.9% in May, the lowest since April 2013. A robust dividend does not really compensate in the longer-term for a difficult trading environment. CEO Steve Rowe may find that he is not out of the woods yet.
A spike above 390p was defeated at the end of May, with the price heading back into the 313p – 359p range that has held since last summer. A break above 359p still needs to crack the descending trendline off the 2015 highs. Meanwhile, a drop below 313p would clear the way to 256p.