Marks and Spencer has revealed a drop in both its clothing and homewares sales in the year to 1st April 2017. Group revenue grew by 2.2 per cent to £10.6 billion but clothing and homeware sales were down by 2.8 per cent, with food revenues growing by 4.2 per cent largely attributed to new store openings.
The retailer had embarked on loss-making store closures both in the UK and overseas and is planning to reshape and improve its UK store chain to add multichannel capability. A further 250 Simply Food stores are also planned by year end 2019/20.
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