M&S optimistic about ‘robust’ performance and transformation despite £17.4m profit loss

National retailer Marks & Spencer (M&S) is confident about its performance despite seeing its revenue dip by 15.8 per cent.

In the 26 weeks ending September 26, the firm saw its revenue drop by 15.8 per cent, with an adjusted loss before tax of £17.4m, compared with pre-tax profits of £176.3m in the same period of the previous year.

The brand, which saw the acceleration of its Never the Same Again transformation programme as a result of the COVID-19 crisis, remains hopeful about ‘robust’ performance and the strength of its online offering and partnership with Ocado.

Steve Rowe, M&S CEO, commented: “In a year when it has become impossible to forecast with any degree of accuracy, our performance has been much more robust than at first seemed possible.

“This reflects the resilience of our business and the incredible efforts of my M&S colleagues who have been quite simply outstanding.

“But out of adversity comes opportunity and, through our Never the Same Again programme, we have brought forward three years change in one to become a leaner, faster and more digital business.

“From launching M&S Food online with Ocado to establishing an integrated online business division ‘MS2’ to step-change growth, we are taking the right actions to come through the crisis stronger and set up to win in the new world.”