About Blue Chip
A blue chip is stock in a corporation with a national reputation for quality, reliability, and the ability to operate profitably in good times and bad.
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M& S returns to FTSE 100 on food and clothes boost
By Chris NewlandsBusiness reporter
Marks & Spencer has returned to the FTSE 100 index of Britain's biggest listed companies for the First Time in Four Years after a surge in the retailer's share price.
M& S was relegated from the index in 2019 as it faced falling sales and stiff competition.
This year, its share price has risen by More Than 75% after a revamp of it shops and clothing range.
It has staged a " remarkable" turnaround despite soaring prices, analysts said.
The retailer told investors earlier this month that its interim results, scheduled to be published in November, would reveal " a significant improvement" in its performance.
Susannah Streeter , head of money and markets at broker Hargreaves Lansdown , said: " Shrinking its estate, and closing larger stores in town centres, has also been paying off. "
The FTSE 100 contains The 100 largest UK-listed firms, ranked by market value. Membership of the index, often referred to as the Blue Chip index, is seen as a mark of prestige and M& S was one of its founding members.
The index is reshuffled four times a year, allowing a handful of companies to enter, while A Number of stragglers slip out into the lower tier FTSE 250.
Housebuilder Persimmon and investment manager Abrdn are among those firms who were relegated.
M& S has plans, for example, to significantly increase The Number of external clothing brands it sells online in a bid to entice shoppers away from High Street rivals Next and John Lewis , and has already started stocking items from Crew Clothing , Nobody's Child and Joules.
Russ Mould , investment director at broker Aj Bell , said: " M& S' return to the FTSE 100 after Four Years will be seen by some as a validation of the turnaround strategy launched by Steve Rowe And Then followed through by his successor Machin. "
He Said the food business has continued to perform solidly, " helped to a degree by the affluent demographic that it serves" while the clothing business has received a " much-needed shot in The Arm from The Team brought in from the collapsed Arcadia empire of Philip Green".
Related TopicsSource of news: bbc.com
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