{"id":163244,"date":"2020-10-30T11:48:14","date_gmt":"2020-10-30T11:48:14","guid":{"rendered":"https:\/\/www.theindustry.fashion\/marks-spencer-set-to-post-loss-as-coronavirus-hits-clothing-and-home-sales\/"},"modified":"2021-08-06T12:08:49","modified_gmt":"2021-08-06T12:08:49","slug":"marks-spencer-set-to-post-loss-as-coronavirus-hits-clothing-and-home-sales","status":"publish","type":"post","link":"https:\/\/www.theindustry.fashion\/marks-spencer-set-to-post-loss-as-coronavirus-hits-clothing-and-home-sales\/","title":{"rendered":"Marks &#038; Spencer set to post loss as coronavirus hits clothing and home sales"},"content":{"rendered":"<p>Marks &amp; Spencer is<strong> set to deliver a loss for the past six months<\/strong> as the pandemic weighed on clothing and home sales.<\/p>\n<p><!--more--><\/p>\n<p>Investors are prepared for the retailer to reveal a knock from COVID-19 but will be <strong>particularly keen for an update on its Never the Same Again programme,<\/strong> to accelerate its transformation into a more streamlined and digitally focused business.<\/p>\n<p>In August, the company said it would cut around 7,000 jobs as part of a major restructuring plan.\u00a0In the same update, it said<strong> food sales had remained resilient in the face of the virus<\/strong> but lower clothing and home sales weighed on profitability.<\/p>\n<p>A <strong>consensus of analysts has predicted M&amp;S will deliver a \u00a359 million pre-tax loss<\/strong> when it confirms its half-year trading performance on Wednesday 4 November.<\/p>\n<p>The high street stalwart is expected to report 0.3% growth in like-for-like food sales for the period, while<strong> like-for-like clothing and home sales are expected to be 41% lower<\/strong> for the half after enforced store closures.<\/p>\n<p>M&amp;S reported a 1.1% decline in food sales in the 19-week period to mid-August but said this was rapidly improving, with 2.5% growth in the last eight weeks of this period.<\/p>\n<p>Meanwhile, <strong>clothing and sales were also improving.<\/strong> It said sales for the department were 49.5% lower for the 19-week period which included closures, but improved to a 29.9% decline over the latter eight weeks.<\/p>\n<p>Sophie Lund-Yates, equity analyst at Hargreaves Lansdown, said she suspects the retailer\u2019s reliance on stronger food trading \u201chasn\u2019t reversed\u201d in recent months.<\/p>\n<p>\u201cThe beat on trading in August has been driven by food, while clothing and home has really struggled,\u201d she said.<\/p>\n<p>\u201cThis dynamic was true before the pandemic, but<strong> a lacklustre online presence means this fault line has been exacerbated.<\/strong>\u201d<\/p>\n<p>Analysts at Barclays have said they expect a \u201cdecent profit\u201d in the food business to be \u201coffset by a sizeable loss in clothing and home\u201d.<\/p>\n<p>However, they also said the <strong>contribution from M&amp;S\u2019s joint venture with Ocado is expected to be better than previously predicted.<\/strong><\/p>\n<p>Shareholders will be keen to get an update on the progress of the \u00a31.5 billion partnership, after Ocado switched to working with M&amp;S from Waitrose at the start of September.<\/p>\n<p><em>Reporting: PA Media<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p> [&hellip;]<\/p>\n","protected":false},"author":68,"featured_media":140882,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[6],"tags":[13777,13779,9908,3211,14163],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Marks &amp; Spencer set to post loss as coronavirus hits clothing and home sales - TheIndustry.fashion<\/title>\n<meta name=\"description\" content=\"Marks &amp; Spencer is set to deliver a loss for the past six months as the pandemic weighed on clothing and home sales. 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