Marks & Spencer’s annual profit slumps nearly 90%
The company warned investors not to expect a dividend in the current year
Stocks impacted: Marks & Spencer (MKS)
Retailer Marks & Spencer Group Plc reported an 88- slump in full-year profit, citing a collapse in clothing sales due to the pandemic. The company warned investors not to expect a dividend in the current year as it invested in building its online business and improving stores. However, its stocks jumped over 4% following the release, as the retailer said it was making progress with its turnaround plan and had traded well in the early weeks of the 2021-22 year and that profits would recover. In particular, the firm expects to generate a profit of as much as 350 million pounds this fiscal year as it recovers from the pandemic. The chain also plans to aggressively expand capacity in its online food business joint venture with Ocado Group Plc.
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