The classic British retailer has announced their first loss in 94 years following a period of uncertainty amid the Coronavirus pandemic.
The report showed that for the first six months to September 26, Marks and Spencer had a statutory loss of £87.6M compared with a pre-tax profit of £158.8M in the same period last year. The group recorded revenue of £4090.9M, a 15.8 per cent decrease in last years recorded revenue of £4860.9M. Group operating profits before adjusting items were down a whopping 77.1 per cent from last year’s recorded £269.9M to this year’s £61.8M.
Chief Executive Officer, Steve Rowe praised his team for their hard work and efforts throughout this unprecedented period, commenting: “In a year when it has become impossible to forecast with any degree of accuracy, our performance has been much more robust than at first seemed possible. This reflects the resilience of our business and the incredible efforts of my M&S colleagues who have been quite simply outstanding. But out of adversity comes opportunity and, through our Never the Same Again programme, we have brought forward three years change in one to become a leaner, faster and more digital business.”
