8.4% revenue drop for Marks and Spencer under Q3 “Covid clouds”
Retailer Marks and Spencer has reported a decrease in revenue during its third quarter alongside new lockdown measures.
In a trading statement covering the 13 weeks up to December 26, the firm saw a drop in group revenue of 8.4 per cent.
The company has attributed the dip to the national lockdown and increased restrictions introduced in England in November last year.
Despite the overall decrease, Marks and Spencer saw a 47.5 per cent rise in online sales of its clothing and homeware.
Steve Rowe, Marks and Spencer chief executive, commented: “Given the on-off restrictions and distortions in demand patterns our trading was robust over the Christmas period.
“More importantly beneath the Covid clouds we saw a very strong performance from the Food business including Ocado Retail and a further acceleration of Clothing & Home online. I want to thank all my colleagues for a first-class execution of Christmas for our customers in near impossible conditions.
“Near term trading remains very challenging but we are continuing to accelerate change under our Never the Same Again programme to ensure the business emerges from the pandemic in very different shape.”
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