Marks & Spencer has announced its latest annual results for the year to end March 2020. Revenue was down almost 2% while pre-tax profits were down over 21%. These results include end of March figures which are obviously affected by the virus pandemic.  According to management, they are still in a transformation process, although the trend towards digital has been accelerated. The figures also include the investment in Ocado online grocery business.

The food business saw an increase in revenue and like-for-like sales while the clothing and home business is being reengineered.

The international business continues to shift towards a franchise and joint venture model.

The press release gives a scenario for the year 2020-2021 by quarter in which clothing and home is expected to fall by 46%, food by 6%, and international by 22%, with the biggest hits in the current quarter.

Press release: Marks & Spencer annual results