Share index relegation a sign of the times for once mighty M&S [Reuters (UK)]
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Source: Reuters
Share index relegation a sign of the times for once mighty M&S - Reuters 5 Min Read LONDON (Reuters) - Marks & Spencer ( MKS.L ) chairman Archie Norman has said he is unperturbed by the British retailer’s share price slide, with his focus on the long term, but relegation from the prestigious FTSE 100 index is a symbol of its decline. The 135-year-old food and clothing high street retailer, known affectionately as "Marks and Sparks", has been in the blue-chip index .FTSE since its launch in 1984, but its shares have slid 36% over the last year as investors lost faith after a decade of failed reinventions and three years of profit falls. M&S will be ejected in a quarterly reshuffle of the London index, according to Reuters calculations based on Tuesday’s closing share price of 187 pence, which gave it a market value of 3.64 billion pounds. “It is a reflection of the times. High Street retailers have been struggling for some time and M&S continues to look for that balance between quali
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