New UK restrictions will create “significant uncertainty” for the retailer.
Marks & Spencer has recorded its first loss in almost 100 years due to Covid-19.
The UK retailer is experiencing its first ever loss as clothing sales continue to plummet this year amidst the pandemic.
The Guardian reports that M&S has made a pre-tax loss of £87.6m in the six months leading up to the end of September. This came after a series of costs, including a major reorganisation bill that resulted in 7,000 job cuts earlier this year.
M&S was forced to close its clothing section earlier this year during the UK’s first lockdown. Although the retailer’s food section was permitted to stay open, this still led to a loss of £600m.
As England enters its second lockdown, there remain concerns that a further drop is sales will lead to “significant uncertainty” for the company.
Chief executive Steve Rowe said that despite this, the retailer has been performing “much more robust than at first seemed possible.
“This reflects the resilience of our business and the incredible efforts of my M&S colleagues,” he said.
