11 November 2021, Mumbai:
British retailer Marks & Spencer has raised its full-year outlook. The second profit upgrade in three months is the strongest sign that a turnaround effort is starting to bear fruit. Restructuring of the 137-year-old clothing and food group is focused on rejuvenating an outdated store culture, investments in technology and e-commerce and an overhaul of its real estate but it is happening in conjunction with shortages of products and workers as the economy reopens from pandemic restrictions.
However, since cost pressures will become progressively steeper reintroduction of dividend payments in the current year remains unlikely. First-half performance was ahead of the profit made in 2019, before the pandemic impacted trading. Food sales for M&S increased 10.4 per cent on 2019, while clothing and home revenue was down one per cent with full price sales up 17.3 per cent.
Marks & Spencer has 268 franchise stores in 34 markets and an established joint venture in Greece as well as India. It also trades online in 21 markets reaching customers through its fully localised owned and operated websites via established marketplaces such as Myntra in India and Zalando in Europe and with its established franchise partners. M&S operates owned businesses in the Republic of Ireland, Hong Kong and the Czech Republic.
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