Marks & Spencer (M&S), a British multinational retailer, has reported 11.9 per cent revenue decline to £8,972.7 million in the complete fiscal 2021 that ended on March 27, 2021, compared to the revenue of £10,181.9 million in the previous fiscal. The company incurred a loss before tax during FY21 of £209.4 million (FY20: profit £27.4 million).
Marks & Spencer (M&S), a British multinational retailer, has reported 11.9 per cent revenue decline to £8,972.7 million in the complete fiscal 2021 that ended on March 27, 2021, compared to the revenue of £10,181.9 million in the previous fiscal. The company incurred a loss before tax during FY21 of £209.4 million (FY20: profit £27.4 million).#
“In a year like no other we have delivered a resilient trading performance, thanks in no small part to the extraordinary efforts of our colleagues. In addition, by going further and faster in our transformation through the Never the Same Again programme, we moved beyond fixing the basics to forge a reshaped M&S,” Steve Rowe, Marks & Spencer CEO, said in a press release.
Marks & Spencer (M&S), a British multinational retailer, has reported 11.9 per cent revenue decline to £8,972.7 million in the complete fiscal 2021 that ended on March 27, 2021, compared to the revenue of £10,181.9 million in the previous fiscal. The company incurred a loss before tax during FY21 of £209.4 million (FY20: profit £27.4 million).#
UK food revenue for FY21 was down to £5,994.8 million (£6,028.2 million), and UK clothing and home revenue slipped to £2,198.6 million (£3,209.1 million). M&S’ international revenue dropped to £779.3 million (£944.6 million).
Marks & Spencer (M&S), a British multinational retailer, has reported 11.9 per cent revenue decline to £8,972.7 million in the complete fiscal 2021 that ended on March 27, 2021, compared to the revenue of £10,181.9 million in the previous fiscal. The company incurred a loss before tax during FY21 of £209.4 million (FY20: profit £27.4 million).#
According to the company, Ocado Retail contributed net income of £78.4 million during the year. While clothing and home results reflected the heavy impact of lockdowns on stores, a substantial change in product mix and the challenges of clearing stock, partially offset by very strong growth online of 53.9 per cent.
Marks & Spencer (M&S), a British multinational retailer, has reported 11.9 per cent revenue decline to £8,972.7 million in the complete fiscal 2021 that ended on March 27, 2021, compared to the revenue of £10,181.9 million in the previous fiscal. The company incurred a loss before tax during FY21 of £209.4 million (FY20: profit £27.4 million).#
“As we implemented MS2 and took multiple steps to improve online operating performance we were able to capitalise on the change in customer shopping patterns and saw a progressive increase in online sales and market share growth through the year. This was a result of strong traf?c, active customer growth, improving frequency and lower returns,” the company stated.
Marks & Spencer (M&S), a British multinational retailer, has reported 11.9 per cent revenue decline to £8,972.7 million in the complete fiscal 2021 that ended on March 27, 2021, compared to the revenue of £10,181.9 million in the previous fiscal. The company incurred a loss before tax during FY21 of £209.4 million (FY20: profit £27.4 million).#
“With the right team in place to accelerate change in the trading businesses and build a trajectory for future growth, we now have a clear line of sight on the path to make M&S special again. The transformation has moved to the next phase,” Rowe concluded in the release.
Fibre2Fashion News Desk (JL)
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