Marks and Spencer Group PLC should be about to enter its next phase after announcing a reshuffle of its non-food leadership team, Shore Capital analysts have said.
M&S on Thursday said former BooHoo Group PLC boss John Lyttle would take the helm of its clothing and home arm in place of Richard Price under a wider reshuffle.
Womenswear director Maddy Evans was also promoted and Amazon.com Inc European fashion director David Brittain poached as part of the move.
“All in, we see notable new human capital here that provides perspectives and energy to build upon Mr Price's firmer non-food foundations,” Shore Cap noted in response.
“The next phase of the advancement of the group's non-food proposition, therefore, is about to begin,” analysts added.
M&S has been flagged for strong grocery sales growth in recent months, including over the key Christmas period, but also into the new year.
Shore Cap acknowledged M&S had “been a much-improved performer of UK retailing in recent years”.
“Driving share gains, now delivering much aspired sequential earnings growth, and improved optionality to sustain such metrics that with a strong balance sheet provides the ingredients to sustain a more rewarding equity outlook for its shareholders.”