| |
| Please Note - Streaming News is only available to subscribers to the Active Level and above |
|
|
|
Marks & Spencer losses mount as pandemic weighs, transformation grinds on
StockMarketWire.com
|
Clothing and food group Marks & Spencer posted yet another full-year loss as the pandemic weighed on sales and it continued attempts to transform a business pressured by online and fast-fashion retailers.
Pre-tax losses for the 53 weeks through 3 April amounted to £259.7 million, compared to losses for the 52-week previous year of £335.9 million.
Revenue fell 10% to £9.16 billion and pre-tax profit before adjusted items slumped to £50.3 million, down from £403.1 million.
Marks & Spencer did not declare any dividends for the year.
Chief executive Steve Rowe described the result as 'resilient' in a 'year like no other'.
'With the right team in place to accelerate change in the trading businesses and build a trajectory for future growth, we now have a clear line of sight on the path to make M&S special again,' he said.
'The transformation has moved to the next phase.'
Food like-for-like revenue rose 1.3%, but clothing and home revenue slumped 32%.
Marks & Spencer's online grocery joint venture with Ocado delivered 44% revenue growth over the 52 weeks to 28 February and contributed a share of net income of £78.4 million.
Story provided by StockMarketWire.com
|
|
|
|
|
|
