Marks & Spencer has swung to a hefty loss of £201million for the past year following pandemic store closures.
The retailer’s revenues dropped after clothing and home business were particularly hammered by pandemic restrictions.
It recorded £201.2million pre-tax loss for the year to March 27.
Marks & Spencer said that food like-for-like revenues increased by 1.3% over the past year, but the company saw its clothing and home business report a 31.5% slump despite rapid online growth.
However, bosses at the retailer said its balance sheet is ‘stronger than expected’ following the impact of the pandemic.
Steve Rowe, chief executive officer at Marks & Spencer, also said that the business has moved to the ‘next phase’ of its transformation plan.
He said: ‘In a year like no other we have delivered a resilient trading performance, thanks in no small part to the extraordinary efforts of our colleagues.
‘In addition, by going further and faster in our transformation through the Never the Same Again programme, we moved beyond fixing the basics to forge a reshaped M&S.
‘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.’
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from metro.co.uk
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