London, Jan 19, 2026, 09:37 GMT — Regular session
Shares of Marks & Spencer Group plc (MKS.L) slipped 0.5% to 364.9 pence by 0921 GMT, falling from an initial 370.0p as the London market softened. The FTSE 100 retailer’s stock has fluctuated between 315.5p and 417.5p over the past year. 1
European stocks fell after U.S. President Donald Trump threatened new tariffs on imports from Britain and other European countries, stirring up fresh trade friction. London’s FTSE 100 slipped 0.4%, while the STOXX 600 declined 1.3%. ING economists said the tariff push is “now even more political and less economic than in the first half of 2025.” 2
M&S investors are confronting a tricky situation. The stock has slipped back since its post-Christmas rally, fueling questions about whether food is shouldering most of the recovery and how quickly clothing and home will close the gap.
Marks & Spencer saw underlying food sales climb 6.6% in the 13 weeks ending Dec. 27, its latest update shows. But Fashion, Home & Beauty like-for-like sales fell 2.9% in stores open at least a year. CEO Stuart Machin noted “a record number of customers shopped M&S this Christmas,” while the group maintained its full-year guidance. Sales on Ocado.com also rose 16.3%. 3
Dan Coatsworth, AJ Bell’s head of markets, pointed out that M&S is back to its typical trend, with strong food sales balancing out sluggish clothing demand. He said the group held “a bigger than usual Sale” and flagged weak foot traffic on the high street. M&S is also still dealing with the repercussions of last year’s cyber hack. 4
Monday’s price action highlighted that while strength in the food sector can support the story, it won’t protect shares if overall sentiment turns negative. The real movers remain clothing and homeware sales, which either push stocks higher or drag them lower.
Investors are zeroing in on two key questions: will the food division keep grabbing market share, and can the non-food segment lift full-price sales without leaning harder on discounts?
The risk is obvious. When trade tensions drive costs higher or rattle confidence, discretionary spending usually suffers first — precisely the area where M&S has been concentrating its recovery efforts.
Marks & Spencer’s full-year results, due on May 20, mark the next big date for the stock. For now, traders are likely to treat M&S as a barometer of UK consumer mood, reacting sharply to any headline-driven moves. 5
