The British retailer – which is mid way though a major transformation plan – said it’s lost almost £87million so far this year, with sales expected to dive further with new mandatory closures from Thursday
The high street giant fell to a £87.6million pre-tax loss in the 26-weeks to September 26, swinging from a £158.8million profit in the same period last year.
It comes after the chain axed 7,000 jobs in August as part of a new transformation in the wake of the pandemic.
The retailer told shareholders it performed “better than expected” during the first half, with revenue falling less than initially predicted.
It said revenue for the period slid by 15.8% to £4.09 billion after it was hit by lower clothing and home sales.
The clothing and home division saw sales dive 40.8% over the half-year, with a 21.3% decline in the second quarter as it benefited from the reopening of stores and strong online sales growth.
