UK retailer Marks and Spencer said that it will continue with a 10% share buyback programme scheduled for completion this summer, despite reports it had been suspended amid poor results.
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It said that newspaper reports claiming suspension of the programme following a profit warning last Wednesday were unfounded.
“The buyback programme remains in place,” a spokesperson for M&S told just-style.
The Sunday Telegraph had reported this weekend that M&S has refrained from resuming its share buyback since last week’s announcement, even with the company’s share price dropping more than 20% as a result.
However, the spokesperson went onto say that M&S’ programme was on the agenda for its AGM this Wednesday, as well as plans for future buybacks.
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By GlobalData“We will look to renew authority to purchase up to 10% at this Wednesday’s AGM,” she said. “The remaining buyback depends on market conditions.”
Also on the agenda at this week’s meeting will be Stuart Rose’s controversial appointment to executive chairman, and how the retailer can bounce back from a 5.3% slump in same-store sales at UK stores during Q1, when both general merchandise and food sales struggled.
