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British clothing-to-food retailer Marks and Spencer on Wednesday introduced a full exit from Russia following the nation’s invasion of Ukraine.
After halting product shipments to Russia firstly of March, Marks and Spencer mentioned it had determined “to totally exit” its Russian franchise run by Turkish conglomerate Fiba Group.
The exit, plus disruption to M&S operations in Ukraine run additionally by franchisee Fiba, is costing the British firm £31 million ($39 million, 36 million euros).
“Sadly, our Ukrainian enterprise has additionally been partially closed because of conflict impacts, and we’re working with our associate to reopen as and when doable,” the corporate added in an announcement.
An M&S spokeswoman confirmed to AFP that the group’s “model will not be utilized in Russia“.
Its exit from Russia comes additionally after Marks and Spencer final 12 months shut greater than half its shops in France as Brexit affected provides of contemporary and chilled merchandise.
M&S on Wednesday mentioned it had taken a cost of £10.3 million following the French shakeup.
It had blamed the transfer on “provide chain complexities” following Britain’s formal exit from the European Union firstly of 2021.
M&S on Wednesday added that the group swung again into revenue throughout its final monetary 12 months, or 12 months to the beginning of April.
It was closely boosted by robust gross sales on-line in Britain and overseas.
Forward, M&S pointed to “tough and unpredictable headwinds” owing to ongoing fallout from the pandemic along with geopolitical and financial uncertainties.
The corporate mentioned a cost-of-living disaster brought on by hovering inflation would hit gross sales progress.
The replace additionally marked the top of Steve Rowe’s time as chief govt.
The group had already introduced that he would step down after six years, making manner for a brand new joint CEO staff of present M&S executives Stuart Machin and Katie Bickerstaffe.
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© Agence France-Presse
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