Marks & Spencer has revealed more plans for its future amid the Covid-19 crisis after reported a 21% slump in full year profits.
The popular retailer said profitability improved in its food business but profits dropped by more than a third in its clothing and home arm.
It told shareholders that it took a £52 million hit to profits due to coronavirus, while it estimated that costs and stock writedowns related to the outbreak cost it £212.8 million.
Group sales dipped 1.9% to £10.1 billion during the year to March, while like-for-like food revenues increased by 1.9% and its clothing business saw like-for-like revenues fall 6.2% as it was impacted by availability issues in the first half of the year.
Last month, the retail giant revealed plans for a "never the same again" overhaul as it warned the virus would impact trading for the rest of 2020.
It has cancelled late summer stock which will no longer be required, reducing its forward commitment at cost by £100m, and it said it had made plans to "hibernate" around £200m of unsold seasonal stock until Spring 2021 in secured storage facilities.
It said its predicted scenario for the rest of the year has the core assumptions that 海角视频 clothing & home will see a 70% decline in revenue for the four months to July and only a gradual return to original budgeted levels by February 2021, impacting annual revenue by circa £1.5bn.
海角视频 food meanwhile will see a 20% decline in revenue for the four months to July, impacting annual revenue by circa £0.4bn.
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Meanwhile, M&S has been working closely with Ocado Retail, to ensure that it has a compelling offer at the switchover from the Waitrose supply contract on September 1.
It will adding over 6,000 M&S lines to Ocado from September compared with just 4,000 Waitrose lines which will be removed from the site.
It will also bring onto the Ocado Retail platform around 1,600 core Clothing & Home lines per year to be available on the site, with around 850 lines from the Autumn range launching in September.
Chief executive Steve Rowe said: "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.
"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.
"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.
"Most importantly working habits have been transformed and we have discovered we can work in a faster, leaner, more effective way.
"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."