London, Jan 19, 2026, 09:37 GMT — Regular session
Marks & Spencer Group plc (MKS.L) shares dipped 0.5% to 364.9 pence by 0921 GMT, down from an opening of 370.0p, tracking a softer London market. The FTSE 100 retailer’s stock has ranged between 315.5p and 417.5p in the last 52 weeks. (Share Prices)
European shares dipped after U.S. President Donald Trump threatened fresh tariffs on imports from Britain and other European nations, reigniting trade tensions. The FTSE 100 in London slipped 0.4%, while the STOXX 600 dropped 1.3%. ING economists noted the push for higher tariffs has become “now even more political and less economic than in the first half of 2025.” (Reuters)
M&S investors face an awkward moment. The stock remains down from its post-Christmas surge, sparking debate over whether food is carrying most of the turnaround and how fast clothing and home can catch up.
Marks & Spencer reported a 6.6% rise in underlying food sales for the 13 weeks ending Dec. 27, according to its latest trading update. However, Fashion, Home & Beauty like-for-like sales dropped 2.9% — measuring stores open at least a year. CEO Stuart Machin highlighted “a record number of customers shopped M&S this Christmas,” while the group kept its full-year guidance steady. Sales on Ocado.com also climbed 16.3%. (Marks & Spencer)
AJ Bell’s head of markets, Dan Coatsworth, noted that M&S has returned to its usual pattern, where robust food sales “offset weak clothing.” He mentioned the group ran “a bigger than usual Sale” and highlighted soft high street footfall. M&S is also still managing fallout from last year’s cyber hack. (Reuters)
Monday’s price moves showed that food sector strength can anchor the narrative, but it won’t shield shares when broader sentiment sours. Clothing and homeware sales remain the real drivers, either dragging stocks down or pulling them up.
Investors are now focused on two fronts: can the food division continue gaining market share, and can the non-food segment boost full-price sales without relying more heavily on discounts?
The downside is clear. If trade threats push costs up or shake confidence, discretionary spending tends to take the first hit — and that’s exactly where M&S has been focused on rebuilding.
The next major event for the stock is the company’s full-year results on May 20. Until then, traders will probably continue using M&S as a quick gauge of UK consumer sentiment whenever headlines shake the tape. (Marks & Spencer)
