Shares in Marks and Spencer risen by 5 percent despite posting an interim loss of £87.6m for the half-year to 26 September.
With its UK clothing and home divisions seeing revenue slip by 41% and its international division fall by 26%, its food division somewhat saved the day by remaining flat.
UK Food for M&S posted revenues of £2.8bn and its Ocado Retail partnership appears to be a bright spot as it took a £39m share of net profit from Ocado Retail.
Commenting on the importance of the Ocado partnership and increase in changes at the organisation was Steven Rowe, CEO:
“But out of adversity comes opportunity and, through our Never the Same Again programme, we have brought forward three years change in one to become a leaner, faster and more digital business. From launching M&S Food online with Ocado to establishing an integrated online business division ‘MS2’ to step-change growth, we are taking the right actions to come through the crisis stronger and set up to win in the new world.”
Marks and Spencer was also hit by a number of exceptional costs including those that were related to 7,000 job cuts that contributed to a heavy half-year loss.
Shares in M&S are continuing to trade at all-time lows.