Marks & Spencer will return to the FTSE 100 next month for the first time in four years.
The High Street stalwart’s long-awaited promotion back into the top flight came following the latest quarterly reshuffle by the index compiler FTSE Russell.
The decision was based on the company values at the close of business yesterday, with the changes to take place on September 18.
M&S chief executive Stuart Machin last week told The Mail on Sunday that ‘it will be just another day’ if the High Street retailer returns to the FTSE 100.
While he acknowledged that the company still has ‘lots to do’, he has spearheaded an impressive turnaround at M&S.
Recovery: M&S’s long-awaited promotion back into the top flight came following the latest quarterly reshuffle by the index compiler FTSE Russell
Shares are up by 80 per cent so far this year and the business is valued at £4.38billion.
Emma-Lou Montgomery, associate director for personal investing at Fidelity International, said: ‘Good old Marks appears to have its spark back.
‘It has proven its appeal to the new target market of the “modern mainstream customer” as its notoriously frumpy fashion brand has been revamped and is once again a go-to destination for women seeking good value, higher quality, clothing.
‘The one potential chink in its armour is its joint venture with Ocado Group, which itself narrowly avoided demotion from the FTSE 100 earlier this year.’
The revival at the High Street stalwart is down to a crack Style Squad who have, for the past three years, been overhauling every aspect of the clothes on the rails.
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