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Marks & Spencer Group, the British network of department stores, reported the results of the fiscal year ended March 30. According to its reports, profit before tax was 84.6 million pounds, an increase of 27% over the year. In the reports of the previous fiscal year, the company made one-time expenses, including the write-off of 321.1 million pounds in connection with the closure of stores in the UK. The adjusted pretax profit fell by 10% to 523.2 million pounds. Revenue at the end of the earnings period was at the level of 10.38 billion pounds, which is 3% lower than the previous annual figure. The company recorded a decline in comparable food sales by 3.6%. Sales of clothing and household goods declined by 1.6%. The company's net debt amounted to 1.55 billion pounds, showing a 15.3% decrease over the year. Over the past 12 months, the capitalization of Marks & Spencer has decreased by 15% to 4.4 billion pounds.
Samsung Electronics Co Ltd looks forward to the second half of the year as it expects a larger increase in chip demand brought by new smartphone launches. However, the company warned that the coronavirus crisis and trade disputes carry risks. Samsung, ...
China’s industrial firms had seen an increase in profits for two consecutive months. This came as the most rapid pace ever recorded in over a year, suggesting that the country’s recuperation from the novel coronavirus pandemic ...
New car registrations in the United Kingdom slipped by a third on an annual basis in June after several dealerships resumed operations amid loosening lockdown measures, preliminary data from an industry body. The drop is seen as relatively ...
The National Bank of Canada and Scotiabank reported acceptable second-quarter results on Tuesday. Both banks surpassed analysts’ estimates even though their respective profits suffered from loan-loss provisions due to the novel coronavirus ...
Singapore’s trade ministry announced on Tuesday that the city-state lowered its gross domestic product outlook for 2020. It had cut its GDP forecast for the third time already as the virus-beaten economy prepares for its steepest recession. Singapore’s ...
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