Marks & Spencer has swung to a loss for the year, as it works to make good on the “Never the Same Again” promise.
M&S recorded a statutory loss before tax of £201m in the 52 weeks to March 27, while that figure inched up to £209m in losses across the 53-week recording period to April 3.
The retailer reported a profit before tax and adjusting items of £42m for the 52 weeks, but this was negatively impacted by the costs of restructuring operations and rotating the store estate.
M&S total revenues fell 12% to £8.97bn during the 52-week period, as food like-for-like sales inched up 1.3%, while clothing and home sales dropped 32%.
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