Marks & Spencer (M&S), a UK-based multinational retailer, has achieved 92.2 per cent revenue growth in clothing and home segment during the first 19 weeks (till August 14, 2021) of FY22 over last year, however it fell 2.6 per cent against 2019. Few changes in approach, including more focussed ranges, fewer promotions and smaller summer sale supported the growth.
Marks & Spencer (M&S), a UK-based retailer, has achieved 92.2 per cent revenue growth in clothing and home segment during the first 19 weeks (till August 14, 2021) of FY22 over last year, however it fell 2.6 per cent against 2019. Few changes in approach, including more focussed ranges, fewer promotions and smaller summer sale supported the growth.#
The British retailer has maintained its shift towards online as the store sales continue to decline by 19.8 per cent over FY20 as many locations remain in slow recovery from the pandemic, although retail parks have outperformed. Clothing and home segment’s online sales escalated 61.8 per cent over FY20 and comprised approximately 35 per cent of total clothing and home sales, and its guest brands and Sparks programme.
Marks & Spencer (M&S), a UK-based retailer, has achieved 92.2 per cent revenue growth in clothing and home segment during the first 19 weeks (till August 14, 2021) of FY22 over last year, however it fell 2.6 per cent against 2019. Few changes in approach, including more focussed ranges, fewer promotions and smaller summer sale supported the growth.#
Moreover, the international revenue for the reported period grew 39.7 per cent over last year and fell just 5.2 per cent over FY20, despite the impact of lockdown in India in the early part of the financial year and substantial Brexit related effects to the company’s businesses in the Republic of Ireland and France.
Marks & Spencer (M&S), a UK-based retailer, has achieved 92.2 per cent revenue growth in clothing and home segment during the first 19 weeks (till August 14, 2021) of FY22 over last year, however it fell 2.6 per cent against 2019. Few changes in approach, including more focussed ranges, fewer promotions and smaller summer sale supported the growth.#
Assuming no further COVID-related restrictions on trading during the year, the British retailer expects its adjusted profit before tax to be in the range of £300-350 million in FY22.
Fibre2Fashion News Desk (JL)
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