Marks & Spencer's net profit for the fiscal year ending March 28 collapses 49.5% to £27.4 million ($33 million, 30 million euros). coronavirus
LONDON, United Kingdom – British clothing-to-food retailer Marks & Spencer on Wednesday, May 20, announced a slump in annual profit as it booked a sizeable charge late on from theNet profit collapsed 49.5% to £27.4 million in the 12 months to March 28 from a year earlier, M&S said in an earnings statement.Annual revenue meanwhile dipped 2% to £10.2 billion.
The retailer added it had embarked upon a £1-billion cost-cutting plan to help combat fallout from the novel coronavirus pandemic. "The trend towards digital has been accelerated," he added, with M&S physical stores continuing to struggle.
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