(Bloomberg) Britain’s three pandemic lockdowns have cost retailers that have been ordered to close about 22 billion pounds ($31 billion) in lost sales, according to a trade group.
We continue to make strong progress on our transformation programme, delivering against all of our year-one operational targets. Over the period, we have moved forward on the three key pillars of our plan in refreshing and re-energising the product and brand, prioritising digital and capital light growth with the announcement today of a further licensing partner and through our cost savings programme. While we have made encouraging strategic progress, trading over the fourth quarter was difficult and heavily impacted by the Covid pandemic, leading to the closure of many of our stores during the period and a lack of demand for outerwear and occasionwear over the festive season in particular. Looking forward, we are taking a cautious planning approach and now assume that UK stores will remain closed until the end of May followed by a gradual recovery over the rest of the first half.
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