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  • British High Street store Water Marks and Spencer reported the first loss in its nearly 100 years as a publicly listed company on Wednesday that after clothing sales were hammered by restrictions on shopping and encouraging performance in food, however, sent its battered shares higher.

  • Stock rose around 5% as investors took comfort that the half year loss was not as bad as feared.

  • They have also been positive signs following the initial success of a partnership with online retailer Ocado.

  • CEO Steve Rose said the September launch of the venture had gone fantastically with customer reaction ahead of expectations.

  • M and S has been struggling to reinvent itself after decades of failed attempts even before this year's global slowdown.

  • In May, it said the crisis would change its business and accelerate the latest turnaround plan, delivering three years of change in one.

  • It also cut 7000 jobs in August.

  • M and S made a pre tax loss of $22.6 million before one off items in the 26 weeks to September 26 its first deficit since joining the stock market in 1926.

  • The outcome was ahead of analyst forecasts but a reversal from profits.

  • In the same period last year, clothing and homeware revenue slumped over 40% as shoppers were forced to stay home in the spring.

British High Street store Water Marks and Spencer reported the first loss in its nearly 100 years as a publicly listed company on Wednesday that after clothing sales were hammered by restrictions on shopping and encouraging performance in food, however, sent its battered shares higher.

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