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Marks & Spencer pulls out of Russia permanently Marks & Spencer pulls out of Russia after 17 years
(32 minutes later)
Marks & Spencer says it will fully exit the Russian market following the invasion of Ukraine.Marks & Spencer says it will fully exit the Russian market following the invasion of Ukraine.
The retail giant stopped shipments to Russia in March but previously said complex franchise deals prevented it from withdrawing completely, with about 50 shops still open.The retail giant stopped shipments to Russia in March but previously said complex franchise deals prevented it from withdrawing completely, with about 50 shops still open.
But the firm said after negotiations it would fully exit its Russian franchise.But the firm said after negotiations it would fully exit its Russian franchise.
It came as M&S reported pre-tax profits of £392m for the year to 2 April - up from a loss of £209m the previous year.It came as M&S reported pre-tax profits of £392m for the year to 2 April - up from a loss of £209m the previous year.
However, M&S said it expected sales growth to slow due to rising costs and increased pressure on customer budgets.However, M&S said it expected sales growth to slow due to rising costs and increased pressure on customer budgets.
The company said it was facing increased food costs, driven by global supply issues and labour shortages, while factory, transport and freight costs, as well as continued supply issues in China, were putting pressure on its clothing and home business.The company said it was facing increased food costs, driven by global supply issues and labour shortages, while factory, transport and freight costs, as well as continued supply issues in China, were putting pressure on its clothing and home business.
Household budgets are being squeezed by rising food, energy and fuel bills, with inflation, the rate at which prices price, hitting 9% in April - the highest level for 40 years.Household budgets are being squeezed by rising food, energy and fuel bills, with inflation, the rate at which prices price, hitting 9% in April - the highest level for 40 years.
Supply chain issues, the war in Ukraine and rising raw material costs are all pushing up the cost of living. M&S warns online sales tax will damage High Street
The Western brands unable to leave Russia
M&S, which was criticised for not pulling out of Russia at the start of the war, said it would face a £31m hit from its exit.
The retailer has 1,200 employees and 48 shops in Russia, which are operated by a Turkish company called FiBA.
Hundreds of international brands including Starbucks, Coca Cola, Levi's and Apple have left Russia since the invasion of Ukraine in February.
Earlier this month fast food giant McDonald's announced it was withdrawing from the country after more than 30 years and was selling its restaurants to a local buyer.