Marks and Spencer India reports sharp fall in FY21 revenue
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Oct 27, 2021 | Page No.: 6 | Position: Middle Left | Source: Varuni .Khosla | Sq Cm: 191 | AVE: 123901 | PR Value: 619505
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Marks Spencer India managing director James Munson MINT Marks and Spencer India reports sharp fall in FY21 revenue Varuni Khosla a stormy year since the cov- varuni k livemint com id-19 pandemic with several NEW DELHI cities under lockdown for sev- eral months in 2020 and 2021 Marks and Spencer Work from home mandates India Pvt Ltd social distancing and reported a sharp fall restricted mobility impacted in revenue in financial year sales of apparel in a big way 2020-21 In its filing with the With restricted opera- Registrar of Companies on tional guidelines in many cit- Tuesday the company said ies during the second wave revenue was down 77 since and weak consumer senti- the last financial year at 191 ment the impact on retailers crore specifically in The numbers Work from home apparel was are based on mandates social severe standalone distancing and The Shopping financials restricted Centres Associa- In fiscal year mobility impacted tion of India esti- 2019-20 the mated that retail retailer reported sales of apparel in lost about a revenue of a big way 125 000 crore in 1402 27 crore annual sales and In its 2020-21 fil- malls about ings accessed via business 13 000 crore during the sec- intelligence platform Tofler ond wave of the pandemic it reported a net profit of The Confederation of All 130 4 crore This is a 17 India Traders CAIT said decrease from the previous localized lockdowns imposed financial year at 136 53 crore by various states during the Total expenses for the fiscal second Covid-19 wave also led fell from 1352 38 crore in to a business loss of approxi- FY19-20 to 150 crore in mately 115 trillion in the two 2020-2021 months ofApril and May The company said it has In 2019 Marks Spencer appointed Nitin Verma as an India managing director additional director and whole- James Munson said that out- time director with effect from side of the UK India was the January 2020 largest market for the British India s retail sector has had company