Food and Beverage Retail

Marks and Spencer Group plc

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M&S in fashion as stocks climb amid fresh hopes of US-Iran peace deal - Investors in London were also digesting better-than-forecast UK inflation figures.

M&S in fashion as stocks climb amid fresh hopes of US-Iran peace deal

UK retailers are opposing a government proposal for voluntary price caps on essential groceries, with Marks & Spencer CEO Stuart Machin labeling the idea as 'completely preposterous,' according to the Financial Times.

UK wants to cap food prices, riling retailers

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UK shares saw a slight increase, with the FTSE 100 up 0.13% and the FTSE 250 up 0.29%, following lower-than-expected April inflation at 2.8%. Analysts debate the necessity of rapid rate hikes by the Bank of England, while some caution that inflation may rise again due to higher oil prices. Notable stock movements included a 1.6% rise in aerospace and defense stocks and a 4.2% increase for Marks & Spencer, which anticipates profit growth this year.

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M&S CEO Stuart Machin criticized government proposals for supermarkets to cap food prices, calling them 'completely preposterous.' He urged the government to reduce taxes and red tape instead of pressuring price cuts to combat inflation linked to the Iran war. Machin emphasized that the government should not interfere in business operations and should better understand the market dynamics.

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M&S boss says supermarket price caps ‘completely preposterous’

Marks and Spencer Group reported a decline in adjusted profit for 2026 due to a cyber incident affecting trading and operations. Despite this, the company ended the year with a strong balance sheet and plans to invest in growth. Food sales increased, while fashion, home, and beauty sales fell due to online disruptions. The company aims to double food sales over time and has seen improvements in product appeal and availability.

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European markets fell on Wednesday, with the pan-European STOXX Europe 600 down 0.2% amid inflation concerns linked to ongoing geopolitical tensions. Germany’s DAX and France’s CAC 40 also declined by 0.2%. Investors are cautious as bond markets react to anticipated interest rate hikes from the European Central Bank. Meanwhile, the EU reached a provisional trade agreement with the US, and new foreign investment screening rules were approved. Despite the overall market decline, some companies like Euronext and Marks & Spencer reported positive earnings.

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Marks & Spencer warns that supermarkets face a 'triple whammy' of challenges: higher taxes, increased regulation, and global conflict, leading to a profit drop of nearly £150m. CEO Stuart Machin criticized the Chancellor's proposal for price caps on essential items, calling it a 'desperate' measure. Despite a 25% revenue increase to £17.3bn, profits fell from £511m to £364.6m, partly due to a cyber attack costing £131m. The British Retail Consortium urges the government to address underlying costs instead of imposing price controls.

Marks and Spencer Group plc(MKS.UK)