Goldman Sachs analysts have said they expect clothing & home division sales at Marks & Spencer to plunge by up to 60% in the three months to the end of June.
The multinational investment bank expects the retailer’s four-week closure period from March into April to see a 90% drop in the division’s sales which in result would drive down the result for the entire quarter.
Goldman Sachs also said that Marks & Spencer’s European’s sales could drop by around 30% in the first half overall.
Although the businesses’ foods division may be profiting from the Coronavirus epidemic, other divisions such as apparel will be affected by the global health crisis. Recently, Marks & Spencer cancelled £100m in clothing orders and is considering closing stores temporarily during the COVID-19 Coronavirus outbreak