Marks and Spencer say it will ultimately leave the Russian market following the intrusion of Ukraine.
Marks and Spencer have said it will fully exit its Russian franchise. The news comes as the firm reported a pre-tax profit of £392m for 2 April – up from a loss of £209m the previous year.
However, the company warned that it expects sales growth to slow due to rising costs and increased customer pressure.
Family spending plans are being just barely gotten by rising food, energy and fuel bills, with expansion, the rate at which costs a cost, hitting 9% in April – the most elevated level for a very long time.
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M&S, reprimanded for not pulling out of Russia toward the beginning of the conflict, said it would confront £31m hits from its exit.
Its Russian arm is run by Turkish company FiBA, which operates 48 shops under the M&S banner in the country with 1,200 employees. Hundreds of international brands have left Russia since the invasion of Ukraine in February.
Marks and Spencer posted revenue of £10.8bn in the 12 months to April – up almost 7% on pre-pandemic levels. It said it had seen strong performance in its clothing and home operation, driven by a 55.6% surge in online sales.