Marks & Spencer profits tumble as coronavirus hits bottom line

M&S

Marks & Spencer has reported falls in group sales and profit before tax, largely blaming the ongoing coronavirus pandemic for burying green shoots of promise.

For the 52 weeks ending March 28, 2020 M&S reported that profit before tax fell by 21.2% down to £403.1m, while group revenues slipped 1.9% to £10.1bn.

Chief executive Steve Rowe lamented the effects of coronavirus on the business, following a year of “substantial progress and change”. The retailer said the virus directly affected profits by £52m in March and added £212.8m in costs and write downs.

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