M&S rallies after dismal results, but boss Steve Rowe still has something to prove

It’s possible to see better times ahead for the beleaguered retailer but its bosses have to show they can deliver on Rowe’s plans. They also need to look after long-suffering staff, says James Moore

M&S is going to have far fewer bricks and mortar stores in future (Getty)

There is a glass-half-full story as regards M&S and it appears there’s finally an appetite for it among the beleaguered retailer’s punchdrunk investors.

The shares were markedly ahead (albeit from a very low level) on the back of the full year results, despite the group announcing that pre-tax profits for the year to 31 March limped in at £67.2m, against £84.2m last time, with no dividend in sight. It’s a dismal looking number, the lowest in decades.

But the shares ended yesterday’s trading session up 10.77 per cent, albeit from a very low base. So where were the green shoots investors saw?