Marks and Spencer Group PLC (LSE:MKS) was UK fashion’s “standout performer” this festive period, according to research by Barclays.
Experts at the bank have used Kantar’s data to distinguish the rate of overall growth for the sector and found that M&S comfortably outperformed this.
The analysts claim it is most effective to look at the rate of growth for full-price sales against 2019 levels, as this was the last period before sales were affected by the pandemic.
Using this basis, Barclays determined that in the eight weeks to 10 December 2023, the UK fashion industry expanded by 7.4%.
M&S beat this figure, with a 10% jump in full-price sales compared to 2019.
Ahead of M&S's post-Christmas trading update on Thursday, analysts at Barclays are now confident that the retailer will report total sales growth of 3.2% within its clothing and home division for the quarter to 30 December.
Barclays analysts therefore rate the stock ‘overweight’ and target a 300p share price - more than a 5% increase to the current market price.
M&S will be hoping to build on from a strong 2023, which saw its shares rally by around 120% and a return to the FTSE 100 for the first time since Covid.
All these positives are likely music to chairman Archie Norman’s ears after he last week revealed his plans to make the retailer a global brand.