Recovery: JP Morgan said M&S has done better than rivals in winning market share since the pandemic
Marks & Spencer won a vote of confidence as JP Morgan said ‘the ship has turned’.
It has done better than rivals in winning market share since the pandemic, a bullish bank note said.
JP Morgan told clients to buy shares as a turnaround plan headed by boss Stuart Machin gathers steam.
The firm is ‘well ahead’ of rivals Primark and Next, gaining new shoppers for its fashion as it enticed younger customers by shaking off a dowdy reputation.
Compared to competitors such as H&M and Zara, JP Morgan said it was the only one ‘where a change in direction of market share trend has been witnessed and gains continued into 2024’.
It added: ‘M&S has demonstrated the biggest positive inflection in market share coming out of the pandemic.’ M&S returned to the FTSE 100 last year after four years.
Shares rose 1.2 per cent, or 3p, to 258.7p
