M&S £200m loss as product sales plunge all through Covid pandemic

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arks & Spencer has plunged to its to start with at any time once-a-year loss and warned that it has speeded up options to stop dozens of British high streets.

The country’s most effective known retailer fell £201.2 million into the pink “in a year like no other” as it battled a enormous slump in apparel profits throughout the two long lockdowns and climbing charges associated with the pandemic.

The enterprise mentioned ageing branches “in declining spots or centres” are possible to be shut as they “cannot justify long run investment”.

The number of traditional “full-line” shops selling food, clothing and homeware will drop from a current 254 to “a absolutely modernised core” of about 180.

More than 100 cities and towns will either see consolidation of various M&S suppliers, conversion to a meals only format, or outright withdrawal.

About 30 spots “which can no for a longer period support a store” will reduce their M&S completely in what will be noticed as huge blows to neighborhood economies.

Trading because the conclude of the 3 April fiscal 12 months “has been ahead of the comparable time period two yrs ago.”

Chief government Steve Rowe stated: “In a calendar year like no other we have shipped a resilient trading functionality, many thanks in no little part to the incredible initiatives of our colleagues…we now have a clear line of sight on the path to make M&S distinctive again. The transformation has moved to the following phase.”