Marks and Spencer directors have been selling shares as the company's stock price has climbed significantly, up 17.4 percent since January. This comes after a challenging period, including a cyber incident that impacted operations and depressed shares.
Despite a 29 percent year-on-year drop in pre-tax profit for the year ending March 28, the retailer saw a strong performance in its food business, with sales rising 7 percent. The company described this as a "year of two halves," with recovery in the latter half.
Executives cashing out include Alex Freudmann, managing director of the food unit, who sold £1.07mn in stock; Mark Lemming, managing director of international business, who sold £313,940; and operations director Sacha Berendji, who sold £1.19mn ahead of his retirement. While profit-taking is understandable with rising share prices, the long-term outlook remains uncertain, with many brokers still recommending a "buy" rating.
Source: Financial Times Companies · Summarized by HeadlinesBriefing