M&S has first loss in 94 years as Covid-19 hammers clothing
Clothing and homeware revenue slumped 40.8%, but the British retailer’s first-half food sales rose 2.7% on a like-for-like basis
04 November 2020 - 13:30
London — Britain’s Marks & Spencer (M&S) reported the first loss in its 94 years as a publicly listed company after clothing sales were hammered by the Covid-19 pandemic, but an encouraging performance in food sent its battered shares higher.
The stock was up 5% at 10.26am GMT on Wednesday, paring 2020 losses to 55%, as investors took comfort from the half-year loss not being as bad as feared, and from the initial success of a partnership with Ocado which has given M&S’s food business an online presence for the first time...
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