first annual loss in nearly a century on the stock exchange.True, this is a company generating nearly £9bn of turnover and £210m of profit on an underlying level, so it’s still a long way from crisis territory, and the effect of Covid cannot be discounted.But another £243m of so-called adjusted items, which pushed it from a £42m pre-tax profit to a £201m loss, is a stark reminder of the financial pain of the latest restructuring programme.It says something about the scale of the task still facing chief executive Steve Rowe after a five-year battle that store closures are being stepped up.
Having shut more than 80 stores of the 100 previously earmarked for the chop, another 30 face the axe as it looks to whittle down the estate to a core of.
Read more on telegraph.co.uk
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