Analysts predict British retail giant Marks and Spencer (M&S) will post a half-yearly pre-tax loss of £59 million – as the retailer is all set to present its half-yearly trade update in the first week of November.
Expectedly so! With apparel and home sales hit badly in the last 6 months, the loss is expected and sizeable too.
In fact the like-for-like apparel and home sales are, in all likelihood, to be 41 per cent lower for the 6 months – all thanks to forced store closures, prolonged lockdowns and constant fear among shoppers to visit stores.
More on this, Analysts at Barclay said that while they hope to see the retailer making decent profit in their other businesses like food, the loss in apparels and home would be significant.
However, M&S has reported that the sales of apparels and home have also been improving lately.
While sales for the same were 49.5 per cent lower for the 19-week period till mid-August, it has improved to a 29.9 per cent fall over the latter 8 weeks. That’s something the retailer would be studying closely.
The exact picture will be out on 4 November (Wednesday), when the retailer will present the half-yearly trade update.