8 January 2021 | 07:44am
StockMarketWire.com - Marks & Spencer reported a slump in profits in the run up to Christmas as trading restrictions resulting from the Covid-19 pandemic continue to take their toll.
The company said total group revenues fell 8.4% to £2.7 billion in the 13 weeks to 26 December.
Third quarter revenues for clothing and home fell 25.1% to £787 million, while international revenues dropped 10.4% to £239 million.
Revenues were bolstered by online retail sales which rose 47.5% to £353 million. Online food sales were up 2.2% to £1.7 billion.
Steve Rowe, chief executive, said: ‘Given the on-off restrictions and distortions in demand patterns our trading was robust over the Christmas period. More importantly beneath the Covid clouds we saw a very strong performance from the Food business including Ocado Retail and a further acceleration of Clothing & Home online. I want to thank all my colleagues for a first-class execution of Christmas for our customer
8 January 2021 | 11:59am
StockMarketWire.com - The FTSE 100 was just about on course to end the week on a high point by Friday lunchtime. By midday the index was up a handful of points up 6,863.57, extending its stellar start to 2021.
Wall Street stocks hit record highs on Thursday after Congress confirmed Joe Biden as the winner of the presidential election, boosting hopes for additional economic stimulus. US futures suggested this momentum would be sustained when trading resumes later.
Asian shares also climbed, with the Nikkei hitting a 30-year high.
Marks & Spencer reported a slump in profits in the run up to Christmas as trading restrictions resulting from the Covid-19 pandemic continue to take their toll.