Steve Rowe, chief executive of Marks & Spencer, has struck an upbeat tone as the retailer returns to the black, reporting better-than-expected full-year headline profits of £50.3 million this morning. At the statutory level the retailer made a loss of £201 million. M&S reported that online clothing and home sales grew 53.9 per cent over the period, partly offsetting a 56.2 per cent fall in store sales. The joint venture with Ocado generated net profit £78.4 million. SponsoredDeclaring that “the transformation has moved to the next phase”, Rowe said: “With the right team in place to accelerate change in the trading businesses and build a trajectory for future growth, we now have a clear line of sight on the path to make M&S special

Source: The Times May 26, 2021 08:03 UTC