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Stocks•18 April 2026•

1 min read

Marks & Spencer Revamps Loyalty Program to Drive Earnings Growth

Key Facts

1Marks and Spencer relaunched its Sparks loyalty program, replacing points with a digital wallet offering direct cash rewards.

2Rewards include £10 back on a £50 spend in fashion, home, and beauty categories.

3Shore Capital anticipates an earnings rebound driven by the more conviction-led loyalty strategy.

Marks and Spencer (M&S) has officially overhauled its Sparks loyalty scheme, transitioning from a points-based system to a digital wallet that offers direct cash rewards. The new structure provides immediate incentives, such as a £10 reward for every £50 spent across fashion, home, and beauty categories. Analysts at Shore Capital have responded positively to the move, anticipating an earnings rebound driven by this more conviction-led loyalty strategy. This strategic shift aims to deepen customer engagement and stimulate spending across the group's diverse retail segments. The digital-first approach is seen as a vital step in modernizing the brand's relationship with its customer base to bolster long-term profitability.