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The Marks & Spencer chain of stores posted its first loss in 94 years since the company went public, at the bottom of the coronavirus crisis, according to the BBC.
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In six months to September 26, the retailer posted a loss of £ 87.6 million, compared to profits of £ 158.8 million in the same period last year, Mediafax informs.
But CEO Steve Rowe says the company’s performance was “much more solid than initially seemed possible.”
In August, M&S announced it would cut 7,000 jobs in three months.
Six-month sales fell 15.8% to £ 4.09 billion. Clothing sales, in particular, were affected by traffic restrictions and increased demand for casual wear, the company said. Between July and September, in-store clothing sales fell by 53%.
However, M&S predicts that the need for formal and casual wear will return.
The group also experienced strong growth in its Ocado Retail joint venture, which has been supplying M&S food since September.
The partnership saw a 47.9% increase in sales and improved profitability.
M&S has created over 750 new product lines, including food and home care, to expand Ocado’s online platform.
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