M&S announces losses of £87 million for first time in its history

Marks & Spencer has made its first loss in 94 years because of the coronavirus pandemic.

The ever-present retailer announced it made a pre-tax loss of £87.6 million in the six months to September 26th.

City analysts had predicted losses could be as high as £95 million.

Chief executive Steve Rowe said:

“The half-year performance was much more robust than at first seemed possible thanks to the resilience of our business and the incredible efforts of my M&S colleagues”.

The retailer made a profit of £176 million in the first six months of its last budget year.

M&S scrapped dividend plans in April and announced plans to lay off 7,000 staff in August.

 


About the Author

Philip Braund spent 16 years at the Daily Mirror as a reporter and news editor before moving to ITV. He was the series producer of the ground-breaking investigation programme The Cook Report, Managing Editor at ITV's Millbank Studios, and Head of News at ITV Central. He has won national and regional Royal Television Society awards for documentaries.



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