Marks & Spencer swings to a £200m loss

Marks & Spencer has posted a sharp fall in profits and reported a £201.2m loss.

High street sales slumped 56%, despite the 54% increase in the online sales of clothing and homewares.

The loss is compared to the £67.2m profits posted for the same period a year earlier.

“In a year like no other we have delivered a resilient trading performance,” said Steve Rowe, the chief executive.

“We now have a clear line of sight on the path to make M&S special again. The transformation has moved to the next phase.”

Marks & Spencer will close a number of its stores, resulting in a total of 180 main sites around the country – down from 254.

The group has said it will not pay a dividend this year.

Shares in the group are up 4.55% (0849GMT).