Marks & Spencer has said it expects its clothing and home arm to be “severely constrained” during the coronavirus lockdown and as it faces the prospect of a phased lifting of restrictions.
Trading in its food business has also been knocked by the closure of cafes and wider lockdown impacting travel and city centre sites.
In a statement this morning, the retailer said that it was planning for a slow return to shopping and had taken steps to shore up its finances for 18 months, including scrapping next year’s dividend, to cope with the impact of the coronavirus crisis and added that it had significant undrawn credit available for the next 18 months to deal with worst case scenarios on trading.
