With attention diverted to the U.S. election, British retailers have released gloomy figures as the country heads into national lockdown.
Sales of clothing and home goods were down 29.9 percent over the two months ending Aug. 8.
The clothing retailers, which play in different segments of the market, are downsizing in the wake of the coronavirus pandemic, and a slowdown in footfall.
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.
Price is currently ceo of Tesco’s F&F Clothing division.
M&S put a positive spin on the results, arguing that it is on track with a strategy to turn itself into a leaner, more nimble and profitable operation.
The struggling retailer suffered a brutal first half.
Casual fashions, a desire for comfort and ath-leisure styles are all contributing to the trend.
Steve Rowe, ceo of M&S, will take over the role in the near term, as supply chain challenges persist.
Marks & Spencer’s ongoing shape-shifting efforts dented sales and profits in the financial year.
Marks is hoping to ramp up its online food offer to compete with U.K. giants, and Amazon.
The high-street retailer has confirmed a further 17 store closures across the U.K.