{"id":164968,"date":"2021-05-26T09:41:35","date_gmt":"2021-05-26T09:41:35","guid":{"rendered":"https:\/\/www.theindustry.fashion\/ms-to-close-more-stores-after-plunging-to-201m-loss\/"},"modified":"2021-08-06T12:11:36","modified_gmt":"2021-08-06T12:11:36","slug":"ms-to-close-more-stores-after-plunging-to-201m-loss","status":"publish","type":"post","link":"https:\/\/www.theindustry.fashion\/ms-to-close-more-stores-after-plunging-to-201m-loss\/","title":{"rendered":"M&S to close more stores after plunging to \u00a3201m loss"},"content":{"rendered":"

Marks & Spencer is set to close more stores after plunging to a hefty loss<\/strong> for the past year after being hit hard by high street lockdowns.<\/p>\n

<\/p>\n

The retailer said it is targeting 30 more closures<\/strong> in the \u201cnext phase\u201d of its long-term transformation plan.<\/p>\n

It has already closed or relocated 59 stores<\/strong> but said it is accelerating changes to its portfolio of shops following the impact of the pandemic.<\/p>\n

The 30 planned closures will be part of a shake-up of around 110 stores,<\/strong> with the majority of these sites set for relocation.<\/p>\n

M&S said the impact of the pandemic has provided it with a strong opportunity to purchase new locations, with the group currently targeting six new stores in former Debenhams units.<\/strong><\/p>\n

The group currently has 254 full-line stores,<\/strong> which sell food and clothing, but it plans to reduce this to around 180<\/strong> over the next 10 years, with some of these being replaced by food-only or purely clothing and home sites.<\/p>\n

The update came as M&S tumbled to a \u00a3201.2 million pre-tax loss for the year to 27 March<\/a>\u00a0after its clothing and home business was particularly hammered by pandemic restrictions<\/p>\n

It follows a \u00a367.2 million statutory profit in the previous year.<\/p>\n

The group told shareholders that total revenues dropped after this slump offset an improvement in its food operations.<\/p>\n

It reported that food like-for-like revenues increased by 1.3% over the past year but the company saw its clothing and home business report a 31.5% slump<\/strong> despite 53.9% online growth.<\/p>\n

Clothing and home operations saw a \u00a3129.4 million operating loss,<\/strong> although M&S said the performance improved in the second half of the year.<\/p>\n

This division's sales have also returned to growth since the reopening of all stores on 12 April, M&S said.<\/p>\n

Meanwhile, the company said it was buoyed by its food business, which saw 6.9% growth<\/strong> excluding its hospitality and franchise arms.<\/p>\n

It also hailed a strong integration with Ocado<\/strong> after the two companies launched their online grocery joint venture last September.<\/p>\n

The retailer said its balance sheet is also \u201cstronger than expected\u201d following the impact of the pandemic.<\/p>\n

M&S CEO Steve Rowe, said: \u201cIn a year like no other we have delivered a resilient trading performance, thanks in no small part to the extraordinary efforts of our colleagues.<\/p>\n

\u201cIn addition, by going further and faster in our transformation through the Never The Same Again programme, we moved beyond fixing the basics to forge a reshaped M&S.<\/strong><\/p>\n

\u201cWith the right team in place to accelerate change in the trading businesses and build a trajectory for future growth, we now have a clear line of sight on the path to make M&S special again.<\/p>\n

\u201cThe transformation has moved to the next phase<\/strong>.\u201d<\/p>\n

The group also said it expects to be hit by between \u00a342m and \u00a347m in Brexit costs<\/strong> for the current year, particularly affecting its business in the Republic of Ireland and Northern Ireland.<\/p>\n","protected":false},"excerpt":{"rendered":"

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