Retail is to the fore on Thursday.
Investors in Marks & Spencer PLC (LON:MKS) will hope for news of a long-awaited upturn in the retailer’s clothing business when it updates on trading on Thursday.
New chief executive Steve Rowe is facing pressure to turn around the performance of the division after predecessor Marc Bolland failed to revive its fortunes.
Numis analyst Andrew Wade said: “Looking ahead to Q1, we expect food LFL [like-for-like] to remain flat, while we see scope for the general merchandise LFL run-rate to come in below that anticipated for the full-year.
“The first quarter has the toughest comp, there were unfavourable weather trends in April and June, and BHS had clearance activity; against this, material investments in price are clearly starting to come through, which should begin to boost volumes.
“The shares, post the referendum sell-off, are now trading on c.10x cal-17 earnings and, although we believe the long-standing issues in GM will prove difficult to solve, appear to be offering value.”
Sports Direct (LON:SPD) founder Mike Ashley has had an annus horribilis and it’s not likely to get any better tomorrow.
Having been hauled up before parliament’s Business, Innovation and Skills (BIS) committee over his business practices, he faces his shareholders next and will likely report profits below the latest guidance of £380mln.
He admitted to MPs some of the company’s business practices were unacceptable but that may also apply to a decision revealed last week not to hedge its sterling positions ahead of the Brexit vote.
Thursday
Finals: Sports Direct International PLC (LON:SPD); NCC Group Plc (LON:NCC)
Trading statement: Associated British Foods Plc (LON:ABF); Bovis Homes PLC (LON:BVS);Dunelm Group Plc (LON:DNLM); Marks & Spencer PLC (LON:MKS); Premier Oil PLC (LON:PMO);Robert Walters Plc (LON:RWA)
Production results: Centamin PLC (LON:CEY)
AGM: Atalaya Mining; Great Portland Estates Plc (LON:GPOR)