LONDON – UK retailer Marks & Spencer has recorded the first loss in its 94-year history. The business this week revealed an £87.6m pre-tax loss for the 26 weeks to September 26 as the impact of the coronavirus pandemic hampered its trading. Revenues for the period plunged by 15.8 per cent to £4.09bn on the back of drastically reduced clothing and home sales.
Clothing sales particularly were hit by lockdowns and the growing demand for more casual clothing, the company said. Between July and September, clothing sales in its city centre stores were down by 53 per cent. At the same time, online-only operators such as Asos and Boohoo saw sales rise.
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