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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Marks & Spencer Group plc    MKS   GB0031274896

MARKS & SPENCER GROUP PLC

(MKS)
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Marks & Spencer : M&S won't return pandemic business rates relief to UK government

12/02/2020 | 11:26am EST
FILE PHOTO:  Outbreak of the coronavirus disease (COVID-19) in Bristol

LONDON (Reuters) - British clothing and food retailer Marks & Spencer said on Wednesday it would not follow Tesco in returning business rates relief it has received from the government to help get it through the COVID-19 pandemic.

Tesco, Britain's biggest retailer said it would repay the 585 million pounds it has claimed, putting pressure on rivals to do the same.

Sainsbury's, Walmart's Asda and Morrisons, which have all also claimed relief, all declined to comment.

M&S claimed business rates relief of 83.7 million pounds in its first half to Sept. 26 and can claim for its second half too.

"We are very grateful for the much-needed support government has provided to businesses impacted by the pandemic - including ours," said an M&S spokeswoman.

"It has enabled us to support our colleagues and our suppliers, whilst continuing to serve our customers in what have been incredibly challenging circumstances."

Unlike Tesco, which has been able to keep all its stores open through the pandemic, M&S has seen most of its clothing and home store space closed for extended periods.

In M&S's food division, cafes and hospitality services, which prior to the crisis accounted for about 4% of food revenue, have been closed, while its franchise business, particularly in travel hubs, has been severely impacted.

Trading at M&S's high street and town centre stores has also been hit by the major drop in customer footfall.

M&S reported a loss for its first half and did not pay shareholders a final dividend for the 2019/20 year and has said it does not anticipate paying dividends for 2020/21. Tesco said in October it would pay its shareholders an interim dividend.

(Reporting by James Davey; editing by Michael Holden and Sarah Young)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
MARKS & SPENCER GROUP PLC 3.10% 148 Delayed Quote.8.58%
TESCO PLC 0.41% 245.2 Delayed Quote.5.83%
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Financials
Sales 2021 8 956 M 12 239 M 12 239 M
Net income 2021 27,6 M 37,7 M 37,7 M
Net Debt 2021 4 005 M 5 473 M 5 473 M
P/E ratio 2021 359x
Yield 2021 0,55%
Capitalization 2 893 M 3 965 M 3 954 M
EV / Sales 2021 0,77x
EV / Sales 2022 0,65x
Nbr of Employees 75 505
Free-Float 99,5%
Chart MARKS & SPENCER GROUP PLC
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Marks & Spencer Group plc Technical Analysis Chart | MKS | GB0031274896 | MarketScreener
Technical analysis trends MARKS & SPENCER GROUP PLC
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 23
Average target price 147,35 GBX
Last Close Price 148,00 GBX
Spread / Highest target 21,6%
Spread / Average Target -0,44%
Spread / Lowest Target -18,9%
EPS Revisions
Managers and Directors
NameTitle
Steve Rowe Chief Executive Officer & Executive Director
Archie J. Norman Chairman
Eoin Philip Tonge Chief Financial Officer & Director
Carl Dawson Director-Information Technology
Andrew Nigel Halford Senior Independent Non-Executive Director
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