Marks & Spencer (M&S), a British multinational retailer, reported its revenue declined 15.8 per cent to £4,090.9 million in the first half of fiscal 2021 that ended on September 26, compared to the revenue of £4,860.9 million in same period prior year. Company incurred a loss before tax during H1 FY21 of £87.6 million (H1 FY20: profit £84.2 million).
Marks & Spencer (M&S), a British multinational retailer, reported its revenue declined 15.8 per cent to £4,090.9 million in the first half of fiscal 2021 that ended on September 26, compared to the revenue of £4,860.9 million in same period prior year. Company incurred a loss before tax during H1 FY21 of £87.6 million (H1 FY20: profit £84.2 million).#
“In a year when it has become impossible to forecast with any degree of accuracy, our performance has been much more robust than at first seemed possible. This reflects the resilience of our business and the incredible efforts of my M&S colleagues who have been quite simply outstanding,” Steve Rowe, Marks & Spencer CEO, said in a press release.
Marks & Spencer (M&S), a British multinational retailer, reported its revenue declined 15.8 per cent to £4,090.9 million in the first half of fiscal 2021 that ended on September 26, compared to the revenue of £4,860.9 million in same period prior year. Company incurred a loss before tax during H1 FY21 of £87.6 million (H1 FY20: profit £84.2 million).#
Ocado retail delivered 47.9 per cent year on year revenue growth during H1 FY21. According to company’s release this was an exceptional period for Ocado Retail helped by Covid related increase in demand for online shopping.
Marks & Spencer (M&S), a British multinational retailer, reported its revenue declined 15.8 per cent to £4,090.9 million in the first half of fiscal 2021 that ended on September 26, compared to the revenue of £4,860.9 million in same period prior year. Company incurred a loss before tax during H1 FY21 of £87.6 million (H1 FY20: profit £84.2 million).#
However, the clothing & home result was decline 40.8 per cent impacted by the full Covid lockdown in the first quarter, ongoing social distancing and the priority to clear stock.
Marks & Spencer (M&S), a British multinational retailer, reported its revenue declined 15.8 per cent to £4,090.9 million in the first half of fiscal 2021 that ended on September 26, compared to the revenue of £4,860.9 million in same period prior year. Company incurred a loss before tax during H1 FY21 of £87.6 million (H1 FY20: profit £84.2 million).#
M&S’s total international revenue dropped 25.5 per cent during H1 FY21 reflecting the impact of lockdowns in multiple geographies in Q1, along with the closure of 84 per cent of all international stores and progressive reopening in Q2. These were partly offset by rise in international online sales of 75.4 per cent.
Marks & Spencer (M&S), a British multinational retailer, reported its revenue declined 15.8 per cent to £4,090.9 million in the first half of fiscal 2021 that ended on September 26, compared to the revenue of £4,860.9 million in same period prior year. Company incurred a loss before tax during H1 FY21 of £87.6 million (H1 FY20: profit £84.2 million).#
“From launching M&S Food online with Ocado to establishing an integrated online business division ‘MS2’ to step-change growth, we are taking the right actions to come through the crisis stronger and set up to win in the new world,” Rowe said.
ALCHEMPro News Desk (JL)
marketing@alchempro.com
