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LONDON BRIEFING: M&S weathers virus with help from government, Ocado
Wed, 26th May 2021 08:21
(Alliance News) - Clothing, homewares and food retailer Marks & Spencer on Wednesday reported a fall in revenue and swing to loss for its recently ended financial year, but hailed its transformation in the period.
Revenue fell by 10% to GBP9.16 billion in the year to April 3 from GBP10.18 billion, with M&S swinging to a pretax loss of GBP209.4 million from profit of GBP67.2 million the year before. Our results for the year bear the impact of the pandemic spanning the beginning of the ï¬rst national lockdown through to near to the end of the third lockdown in the UK. However, they also reflect an acceleration of the transformation which enabled the business to deliver a resilient performance, the retailer said.