M&S's profit slumps as clothing sales tumble
With people mostly staying at home for the past year, clothing sales tumbled at British retailer Marks & Spencer.
The company reported an 88% slump in full-year profit on Wednesday (May 26), but it said it was making progress with its turnaround plan
M&S said it had traded well in the early weeks of the current financial year, and that profits would recover.
Its shares were up more than 6% in morning trade.
The 137-year old group said like-for-like clothing and homeware sales plunged 31.5%, mainly due to ongoing lockdowns which shuttered stores across the country.
However, as its upmarket food halls were allowed to stay open during the crisis, like-for-like food sales rose 1.3%.
CEO Steve Rowe has been driving the chain's latest attempt at a reinvention after decades of failures.
Along with chairman Archie Norman, he's focusing on transforming the company's culture, while closing stores, investing heavily in technology and e-commerce, and improving product and value to broaden its appeal.
Rowe now expects online penetration of its clothing and home business to reach up to 50%, and as a result he said M&S was taking a careful look at the size of its store estate.
相關影片推薦
- 2:24路透拆解華為最新手機 中國國產零件比例增多「自給自足」取得進展Yahoo奇摩(國際通)91,583 次觀看・22 小時前
- 2:05萬華黑幫勢力複雜! 三大傳統角頭各據山頭華視影音8,135 次觀看・1 天前
- 2:25科學家發現抹香鯨「溝通密碼」AI分析8700聲音片段揭「拼音字母表」Yahoo奇摩(國際通)31,496 次觀看・22 小時前
- 1:05何超蓮慶生同框老公竇驍破婚變 33歲生日願望讓人森77娛樂星聞6,274 次觀看・17 小時前
- 3:34習近平結束訪歐之行,為何選擇這三個國家?BBC NEWS 中文3,555 次觀看・9 小時前
- 1:37詐了又詐!設局約面交 警逮19歲金髮女車手|#鏡新聞鏡新聞70,003 次觀看・20 小時前
- 1:05Winter說自己好累哥哥暖心安慰 爸爸引用房時爀「把aespa踩在腳下」名言網友笑翻娛樂星聞8,678 次觀看・1 天前
- 2:50不畏國民黨的打壓阻撓 反對勢力CC派的崛起與抗衡之路民視影音8,814 次觀看・10 小時前
- 1:49上市公司大股東夫婦遭詐 騙光6千萬養老金東森新聞影音14,553 次觀看・13 小時前
- 3:10國民黨操縱選舉的奧步大揭密!揭一黨獨大下的統治黑幕?民視影音5,115 次觀看・10 小時前