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| Coronavirus: M&S invokes wartime spirit as virus impact hits | |
| (32 minutes later) | |
| Marks & Spencer said it was preparing for the contingency that some of its stores may have to close temporarily. | Marks & Spencer said it was preparing for the contingency that some of its stores may have to close temporarily. |
| In a gloomy update on the coronavirus impact, the 136-year-old firm said clothes sales have suffered. | In a gloomy update on the coronavirus impact, the 136-year-old firm said clothes sales have suffered. |
| But it added: "M&S has served customers without cease through two world wars [and] terrorist bombings and we are determined to support customers now." | But it added: "M&S has served customers without cease through two world wars [and] terrorist bombings and we are determined to support customers now." |
| Also on Friday the Wetherspoon's boss said his pubs would stay open, despite government advice to avoid pubs. | Also on Friday the Wetherspoon's boss said his pubs would stay open, despite government advice to avoid pubs. |
| Tim Martin told the BBC there would be no pub closures despite the government's advice for people to avoid pubs. "In the early part of the current week, following the Prime Minister's advice to avoid pubs, sales have declined at a significantly higher rate," he said. | Tim Martin told the BBC there would be no pub closures despite the government's advice for people to avoid pubs. "In the early part of the current week, following the Prime Minister's advice to avoid pubs, sales have declined at a significantly higher rate," he said. |
| But a shutdown in the face of coronavirus would be "over the top", he said. | But a shutdown in the face of coronavirus would be "over the top", he said. |
| He said a sensible balance was for pubs to open but to implement "social distancing" measures, like no drinking at the bar. | He said a sensible balance was for pubs to open but to implement "social distancing" measures, like no drinking at the bar. |
| 'Prolonged downturn' | 'Prolonged downturn' |
| His stance is contrary to many other retail chains which have started to reduce hours or shut shops. | His stance is contrary to many other retail chains which have started to reduce hours or shut shops. |
| Marks & Spencer said it was planning for a "prolonged downturn" in demand for clothing and home goods, although it expected its food business to trade profitably throughout. | Marks & Spencer said it was planning for a "prolonged downturn" in demand for clothing and home goods, although it expected its food business to trade profitably throughout. |
| It said it had benefited on a "small scale" as customers stocked up on food, but its "heavy bias to chilled and fresh means we are not seeing the forward buying uplift experienced by the major grocers". | It said it had benefited on a "small scale" as customers stocked up on food, but its "heavy bias to chilled and fresh means we are not seeing the forward buying uplift experienced by the major grocers". |
| Nevertheless, it said it expects to benefit from the "significant shift" to eating at home. "Although there will undoubtedly be supply interruptions, we do not expect these to be prolonged or financially material." | Nevertheless, it said it expects to benefit from the "significant shift" to eating at home. "Although there will undoubtedly be supply interruptions, we do not expect these to be prolonged or financially material." |
| "At this stage we are not assuming a return to normal trading in the Autumn," the retailer added. | "At this stage we are not assuming a return to normal trading in the Autumn," the retailer added. |
| "However, our business model of operating parallel clothing and food businesses and our strategy to move online including the Ocado joint venture should provide more resilience than some single sector businesses." | "However, our business model of operating parallel clothing and food businesses and our strategy to move online including the Ocado joint venture should provide more resilience than some single sector businesses." |
| But Marks & Spencer said it was "preparing for the contingency that some stores may have to close temporarily". | But Marks & Spencer said it was "preparing for the contingency that some stores may have to close temporarily". |
| In addition it has: | In addition it has: |
| Elsewhere, other businesses have revealed details of how the pandemic is affecting them. | Elsewhere, other businesses have revealed details of how the pandemic is affecting them. |