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		</div><p>Marks &; Spencer has reported a 21% slump in profits for the past year after it was weighed down by its troubled clothing division.</p>
<p>The British retailer said profitability improved in its food business but profits dropped by more than a third in its clothing and home arm.</p>
<p>M&;S also told investors that it took a £52m (€58m) hit to profits due to coronavirus, while it estimated that costs and stock writedowns related to the outbreak cost it £212.8m (€238m).</p>
<p>The company said group sales dipped 1.9% to £10.1bn (€11.3bn) during the year to March.</p>
<p>Like-for-like food revenues increased by 1.9%, while its clothing business saw like-for-like revenues dive 6.2% as it was impacted by availability issues in the first half of the year.</p>
<p>Last month, the retail giant revealed plans for a <i>“never the same again”</i> overhaul as it warned the virus would impact trading for the rest of 2020.</p>
<p>Chief executive Steve Rowe said:<i> “Last year’s results reflect a year of substantial progress and change including the transformative investment in Ocado Retail, outperformance in Food and some green shoots in Clothing in the second half.</i></p>
<p><i>“However, they now seem like ancient history as the trauma of the Covid crisis has galvanised our colleagues to secure the future of the business.</i></p>
<p><i>“Whilst some customer habits will return to normal others have changed forever, the trend towards digital has been accelerated, and changes to the shape of the high street brought forward.</i></p>
<p><i>“Most importantly working habits have been transformed and we have discovered we can work in a faster, leaner, more effective way.</i></p>
<p><i>“I am determined to act now to capture this and deliver a renewed, more agile business in a world that will never be the same again.”</i></p>
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