Probably the greatest identified names in UK retail stated on Wednesday that it made a pretax loss earlier than one-off gadgets of 17.4 million kilos ($22.6 million) within the 26 weeks to Sept. 26 – its first loss since itemizing its shares on the inventory market in 1926.
The end result was forward of analysts’ common forecast of a 59 million pound loss and in contrast with a revenue of 176 million kilos in the identical interval final yr.
Clothes and residential gross sales fell 21.3% within the second quarter after a first-quarter decline of 61.5%, broken by a three-month coronavirus lockdown within the spring and the impression of the virus on buyer demand.
M&S reported first-half meals gross sales up 2.7% on a like-for-like foundation, with weak performances from shops in metropolis centres and transport hubs due to the federal government’s work-from-home directive, offset by a greater displaying from suburban shops.
The enterprise has additionally benefited from a tie-up with Ocado, giving the M&S meals operation an internet presence for the primary time.
M&S, the shares of which have fallen 57% this yr, stated that buying and selling within the first 4 weeks of the second half continued at comparable charges to the top of the second quarter, with clothes and homeware income down 21.5%, meals income up 3% and worldwide income up 7.4%.
The group cautioned that England’s new four-week lockdown, starting on Thursday, will hit clothes and homeware retailer gross sales and revenue.
($1 = 0.7705 kilos)
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