finance

M&S clothing sales hammered by lockdowns in Christmas quarter



© Reuters. A woman walks past a M&S store at Oxford Street in London

LONDON (Reuters) – Marks & Spencer on Friday reported another big fall in clothing and homewares sales in its Christmas quarter, as the COVID-19 pandemic hit demand and restrictions to stem the spread of the virus closed stores.

Marks & Spencer (M&S), one of the best known names in British retail, said revenue in its clothing and home division slumped 25.1% in the 13 weeks to Dec. 26, its fiscal third quarter, having fallen 21.3% in the previous quarter.

“Near term trading remains very challenging but we are continuing to accelerate change under our Never the Same Again programme to ensure the business emerges from the pandemic in very different shape,” said Chief Executive Steve Rowe.

The group said “good progress” in repositioning clothing and home ranges and buying was concealed by the COVID-19 restrictions and demand distortions.

It said a store sales decline of 46.5% was partly offset by online sales growth of 47.5%.

M&S said food sales were up 2.2% in the quarter, having increased 1.6% in the second quarter.

It said food performed well in the four-week lead up to Christmas, with like-for-like sales, excluding hospitality and franchise up 8.7%, with large retail park and Simply Food stores significantly outperforming.

M&S’s international revenue decreased 10.4% impacted by changing restrictions related to the pandemic across the world.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

READ  Passengers love Airbus A380 but it never fully took off with buyers

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





READ SOURCE

Leave a Reply

This website uses cookies. By continuing to use this site, you accept our use of cookies.  Learn more