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26 May 2021 | 07:00

M&S swings to full-year loss as pandemic lockdowns hit trading

(Sharecast News) - UK food and clothing group Marks & Spencer swung to a heavy full-year loss as it felt the full impact of the coronavirus pandemic. The company on Wednesday reported pre-tax losses of £209.4m for the 53 weeks to April 3 compared with a profit £67.2m a year earlier. Group revenue fell to £9.1bn from £8.9bn.

M&S said overall trading for the first six weeks of the financial year and since reopening had been ahead of the comparable period two years ago in 2019/20.

"At this early stage our central case is that we will generate profit before tax and adjusting items between £300m-350m and as capital expenditure recovers towards pre-pandemic levels, our ambition is for a further reduction in net debt," the company said.
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