// M&S says the coronavirus pandemic has masked progress made
// Management at the retailer has now moved on from fixing the basics in the business
Marks & Spencer is emerging from the Covid-19 crisis as a very different business that will surprise people with its financial performance, chairman Archie Norman said on Tuesday.
Norman and chief executive Steve Rowe believe the pandemic has masked progress the 137-year-old retailer has made in its latest attempt at a turnaround after decades of shortcomings.
They have focused on transforming the culture in M&S, improving the quality and value of its clothing and food products, while reshaping its store estate and investing in technology and ecommerce, including a venture with online supermarket Ocado.
READ MORE:
- M&S offers free & discounted health services in new partnership
- M&S to sell 25p banana bundles to cut food waste
“We sort of feel we’re emerging from the pandemic and lockdown, like emerging from a chrysalis, a new and reshaped business,” Norman told shareholders attending M&S’s AGM yesterday.
“We think we’re going to surprise a few people, not just hopefully with our financial performance but also with the things we do to demonstrate that M&S has really changed.”
Norman, who has been chairman since 2017 said the management had moved on from fixing the basics in the business.
“We’re now into a new phase and we’d like to think that new phase is about growth,” he said, adding this meant expanding sales and market share.
“We’re here to create a growing business, absolutely not in the business of managing decline, we’re investing for the future,” he said.
He added that the retailer was “very confident” about the year ahead.
In May, M&S reported an 88 per cent slump in 2020-21 profit but forecast a rebound in 2021-22.
Click here to sign up to Retail Gazette’s free daily email newsletter
