The Conference Board’s reading of sentiment, however, also indicated a tough road ahead.
It aims to achieve more than 650 billion renminbi in revenue this year, indicating the speed of growth will slow down from 35 to 27.5 percent.
Sales fell 3.2 percent in the year while operating profit was down 57 percent due to the COVID-19 crisis.
The economic ramifications of joblessness will linger for retail and fashion.
Even with stores reopening in at least 17 states, the company did not address the impact of the coronavirus.
But the sudden surge in e-commerce proves to be expensive.
M&S may have seen sales and profits fall in fiscal 2019-20, but the ceo said the business is learning valuable lessons and has already been running a tighter operation since lockdown.
Revenues fall across all three major brands with stores closed during the pandemic.