M&S will re-enter the FTSE 100 next month for the first time in four years as its shares soared to a 19-month high.
The retailer’s promotion follows the latest quarterly reshuffle by FTSE Russell after its market capitalisation topped £4.3bn, placing it below B&Q and Screwfix owner Kingfisher in the index.
M&S shares have rocketed 80% so far this year as its turnaround programme picks up pace under chief executive Stuart Machin and co-chief executive Katie Bickerstaff.
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The retailer revealed earlier this month it expected to deliver “increased profits” this year, having originally anticipated a small decline.
M&S said its half-year results will “show a significant improvement against previous expectations”.
Machin told The Mail last week that returning to the FTSE 100 would “of course be good news” but that “it would be just another day”.
“We’re only as good as our customers shopping with us say we are on any given day. If we do right by our customers, we’ll do right by our shareholders.
“As a team we are very ambitious for the future of M&S and our focus is on reshaping the business for future growth,” he said.
M&S will return to the FTSE 100 index on September 18.
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