M&S pulls out of Russia and warns of hit to sales due to cost of living crisis

Sky News
·1 min read

Marks & Spencer has said it is exiting Russia and warned of slowing sales due to the cost of living crisis.

The retail giant's Russian arm is run by Turkish franchisees, operating 48 shops with 1,200 employees.

The company stopped shipments to the stores in March but has now said it will "fully exit our Russian franchise" because it is a "values-led business".

It said the cost of leaving Russia, along with business disruption in Ukraine, would amount to £31m.

M&S also said profits for the new financial year will start at a lower level due to the impact of its withdrawal from Russia and the end of the business rates holiday.

It said it expects this will stay lower during the year "given the increasing cost pressures and consumer uncertainty".

"We are therefore planning for an adverse impact on volumes due to price inflation, slowing the rate of sales growth," the company warned.

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