Adds element LONDON, Jan 8 (Reuters) - Marks & Spencer
Adds element
LONDON, Jan 8 (Reuters) – Marks & Spencer MKS.L on Friday reported one other large fall in clothes and homewares gross sales in its Christmas quarter, because the COVID-19 pandemic hit demand and restrictions to stem the unfold of the virus closed shops.
Marks & Spencer (M&S), among the finest identified names in British retail, stated income in its clothes and residential division slumped 25.1% within the 13 weeks to Dec. 26, its fiscal third quarter, having fallen 21.3% within the earlier quarter.
“Close to time period buying and selling stays very difficult however we’re persevering with to speed up change beneath our By no means the Similar Once more programme to make sure the enterprise emerges from the pandemic in very completely different form,” stated Chief Govt Steve Rowe.
The group stated “good progress” in repositioning clothes and residential ranges and shopping for was hid by the COVID-19 restrictions and demand distortions.
It stated a retailer gross sales decline of 46.5% was partly offset by on-line gross sales development of 47.5%.
M&S stated meals gross sales have been up 2.2% within the quarter, having elevated 1.6% within the second quarter.
It stated meals carried out properly within the four-week lead as much as Christmas, with like-for-like gross sales, excluding hospitality and franchise up 8.7%, with giant retail park and Merely Meals shops considerably outperforming.
M&S’s worldwide income decreased 10.4% impacted by altering restrictions associated to the pandemic the world over.
(Reporting by James Davey; Enhancing by Kate Holton and Jane Merriman)
The views and opinions expressed herein are the views and opinions of the writer and don’t essentially mirror these of Nasdaq, Inc.