Marks & Spencer Slips To Loss In FY21 On Weak Revenues – Quick Facts

Retailer Marks & Spencer Group Plc (MAKSY.PK,MAKSF.PK,MKS.L) reported Wednesday that its 53-week fiscal 2021 loss before tax was 209.4 million pounds, compared to profit of 67.2 million pounds in the 52-week last year.

On a 52-week basis, the loss before tax in fiscal 2021 was 201.2 million pounds.

Loss per share for 53 weeks were 10.1 pence and 52 weeks were 9.8 pence, while last year’s profit was 1.3 pence.

Pro?t before tax & adjusting items was 50.3 million pounds for 53 weeks and 41.6 million for 52 weeks, while last year’s adjusted profit was 403.1 million pounds.

Adjusted basic earnings per share were 1.4 pence for 53 weeks and 1.1 pence for 52 weeks, compared to 16.7 pence a year ago.

Group revenue before adjusting items was 9.12 billion pounds. On a 52-week basis, group revenue fell 11.9 percent to 8.97 billion pounds from last year’s 10.18 billion pounds.

Ocado Retail delivered 43.7 percent revenue growth over the 52 weeks.

The company noted that overall trading for the first six weeks of the financial year and since reopening has been ahead of the comparable period two years ago in 2019/20.

Marks & Spencer said, “While encouraging, it is unclear how the recovery will develop and if consumer activity will sustain. International markets continue to face headwinds with ongoing disruption and the material costs of Brexit which we are working to mitigate. At this early stage our central case is that we will generate profit before tax and adjusting items between £300-350m and as capital expenditure recovers towards pre-pandemic levels, our ambition is for a further reduction in net debt.”

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