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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
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