M&S to speed up latest reinvention in ‘never the same again’ plan GlobeBusiness
. CEO Steve Rowe said it would speed up those measures under a program it labelled “never the same again”.
The 136-year old group would move more swiftly to improve its food supply chain and re-engineer its clothing and home business.M&S made a pre-tax profit before one-off items of £403-million in its year to March 28, down from £512-million in 2018-19. M&S’ COVID-19 scenario assumes a 70 per cent decline in clothing and home revenue and a 20 per cent decline in food revenue through to July.
M&S has taken measures totalling over £1-billion to deal with the crisis, including £500-million of cost reductions and further actions to manage cash. It has also secured liquidity and managed excess clothing and home stock.
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