All eyes on Marks & Spencer new ranges

Marks & Spencer got bot industry and market talking Tuesday

when it unveiled its new clothing ranges for autumn and winter. Meanwhile, American apparel firm Cache, Inc. reported results for the 13-week period ended March 30.

Marks & Spencer shares dropped more than 1 percent as analysts awaited the launch of its autumn and winter ranges. The event is being seen as a key test of chief executive Marc Bolland after he overhauled his general merchandise team in the wake of recent poor trading in, reported Reuters.

Shares were 4.75 pence lower at 418.85 pence, while British fashion peer Next was down 2 pence at 4590 pence.

Marks & Spencer (LSE: MKS) will release its annual results on Tuesday 21st of May. On Tuesday, the British retailer's stock traded in the region of 424 pence, in line with the rise of the FTSE 100 and up 18 percent from a year ago, highlighted ‘Proactive Investors’.

Analysts that follow the stock at N+1 Singer reiterated their hold rating on shares of Marks & Spencer Group in a research note issued to investors on Thursday. The firm currently has a 400 pence target price on the stock. The company’s market cap currently stands at 6.762 billion pounds.

Meanwhile, financial media in the UK agreed on pointing at how signs of a return of merger and acquisition activity have been welcomed by investors. Nevertheless, the London benchmark index traded low, at 6621.2.

In a separate note, Cache, Inc. reported results for the 13-week period ended March 30. Net sales decreased 4.5 percent to 53.5 million dollars, compared to 56 million dollars in the first quarter of fiscal 2012.

Comparable store sales decreased 1.5 percent against a hike of 9.4 percent in the first quarter of fiscal 2012. Operating loss totalled 8.3 million, led by costs of 1.5 million associated with employee separation. This loss is significantly above last year´s operating loss of 2 million dollars in the first quarter.