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Marks & Spencer sales drop 8% in third quarter
StockMarketWire.com
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Marks & Spencer reported a slump in profits in the run up to Christmas as trading restrictions resulting from the Covid-19 pandemic continue to take their toll.
The company said total group revenues fell 8.4% to £2.7 billion in the 13 weeks to 26 December.
Third quarter revenues for clothing and home fell 25.1% to £787 million, while international revenues dropped 10.4% to £239 million.
Revenues were bolstered by online retail sales which rose 47.5% to £353 million. Online food sales were up 2.2% to £1.7 billion.
Steve Rowe, chief executive, said: Given the on-off restrictions and distortions in demand patterns our trading was robust over the Christmas period. More importantly beneath the Covid clouds we saw a very strong performance from the Food business including Ocado Retail and a further acceleration of Clothing & Home online. I want to thank all my colleagues for a first-class execution of Christmas for our customers in near impossible conditions.
Near term trading remains very challenging but we are continuing to accelerate change under our Never the Same Again programme to ensure the business emerges from the pandemic in very different shape.
Story provided by StockMarketWire.com
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