UK food and clothing group Marks & Spencer swung to a heavy full-year loss as it felt the full impact of the coronavirus pandemic.
The company on Wednesday reported pre-tax losses of £209.4m for the 53 weeks to April 3 compared with a profit £67.2m a year earlier. Group revenue fell to £9.1bn from £8.9bn.
M&S said overall trading for the first six weeks of the financial year and since reopening had been ahead of the comparable period two years ago in 2019/20.
“At this early stage our central case is that we will generate profit before tax and adjusting items between £300m-350m and as capital expenditure recovers towards pre-pandemic levels, our ambition is for a further reduction in net debt,” the company said.
