M&S's annual profit slumps as COVID crushes clothing sales


FILE PHOTO: Shoppers are seen outside a M&S store in the Bullring shopping centre, after new nationwide restrictions were announced during the coronavirus disease (COVID-19) outbreak in Birmingham, Britain, November 4, 2020. REUTERS/Andrew Boyers
FILE PHOTO: Shoppers are seen outside a M&S store in the Bullring shopping centre, after new nationwide restrictions were announced during the coronavirus disease (COVID-19) outbreak in Birmingham, Britain, November 4, 2020. REUTERS/Andrew Boyers
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LONDON - British retailer Marks & Spencer on Wednesday reported a slump in full-year profit, reflecting a huge drop in clothing sales due to the COVID-19 pandemic.

M&S, which also sells upmarket food, made a pretax profit before one-off items of 50.3 million pounds ($71.2 million) in the year to April 3 versus analysts' average forecast of 43 million pounds and down from the 403.1 million pounds made in 2019-20.

($1 = 0.7065 pounds)

 

(Reporting by James Davey; Editing by Kate Holton)

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