It may be a bit of an exaggeration to say that when Marks & Spencer does well, the whole country feels better.
In a week of political upheaval and the disheartening spectacle of former postmaster Paula Vennells being eviscerated for her failure to stop the persecution of innocent postmasters, at least we had M&S to cheer us up.
After years of drab fashion and dismal financial performance, it really seems like Marks is finally back in shape.
When so much of national life seems crumbling and dysfunctional, it’s comforting to hope that we can at least count on M&S.
The retailer’s shares have risen 65 percent in the past 12 months as investors begin to believe that chairman Archie Norman and chief executive Stuart Machin have found the right formula.
Sign of the times: Marks & Spencer offers something of an antidote to the cloak surrounding the London stock market
The key question is whether this is another false dawn.
In 2018, when Norman warned he was on a “burning platform,” Marks was facing an existential crisis.
There are reasons to believe that this time the recovery is built on solid foundations.
The retailer has seen 12 quarters of sales growth, profits rose 58 per cent to £716 million, which is more than the market expected, and it is paying its first dividend since 2019.
The resurgence is being led by food, but clothing is also doing well; so well, in some cases, that Machin complains that some fashion items sell out too quickly.
Not everything is rosy. International business is disappointing and the results of the Ocado joint venture do not live up to expectations.
But the balance sheet is in its best shape in years, with reduced debt and strong growth in free cash flow.
It returned to the FTSE 100 index last year after a four-year absence, and was the biggest riser on the blue-chip share index last week.
This is all good news for investors, although very long-term holders still have losses on paper.
Marks has a formidable army of private shareholders, but his fortune has a much broader resonance. Most of us feel like we have some kind of “ownership” of the company.
It is practically synonymous with the High Street, which is why such strong emotions are evoked when the company leaves the city centre.
Maybe there are some Brits who don’t give a damn about our most revered retailer, but I haven’t met any.
Even my husband, who hates shopping of any kind as much as I love it, was disappointed when he headed to the Clapham Junction branch to buy underwear and discovered that the store is now completely dedicated to food.
Marital grumpiness aside, remodeling store space to put the right type of store in the right location is a big part of the resurgence.
Marks is also providing something of an antidote to the pall surrounding the London stock market, where a number of companies have defected or opted to list elsewhere.
The anti-London narrative, justified or not, has taken root. As we reported in The Mail on Sunday, even London Tunnels – a company whose ambition to turn an underground network used by Winston Churchill during the war into a tourist attraction screams British – is now planning to float in Amsterdam.
At a time when the London stock market is so widely maligned, it is encouraging to see Marks, perhaps the most quintessentially British company in Footsie, performing with such enthusiasm.
