TOP NEWS: M&S Clothing In Bruising Festive Lockdown Hit But Food Grows
Fri, 8th Jan 2021 07:58
(Alliance News) - Marks & Spencer Group PLC on Friday said its Christmas trading was robust though a nationwide lockdown in England proved costly, causing revenue in its Clothing & Home unit to tumble more than 40% in November alone.
For the whole of the retailer s third quarter ended December 26, group revenue fell 8.4% yearly to GBP2.77 billion. In the UK arm alone, revenue fell 8.2% to GBP2.53 billion and was down 7.6% on a like-for-like basis.
By unit, it was a familiar story for the mid-cap retailer. The Food arm saw 2.2% annual third-quarter revenue growth to GBP1.74 billion. On a like-for-like basis, revenue in the unit rose 2.6%.
LONDON Marks & Spencer on Friday reported another big fall in clothing and homewares sales in its Christmas quarter, as the COVID-19 pandemic hit demand and…