UK clothing and food retailer Marks & Spencer on Wednesday reported a 7.8 per cent decline in annual profit, as strong sales growth was offset by inflationary pressures and the impact of Brexit-related costs on the Irish food business.
It may have been over three years since the UK formally left the European Union but UK brands and retailers continue to face a slew of challenges in navigating post-Brexit trade. Drapers identifies the persistent pain points and how they are being managed.
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Marks & Spencer chairman Archie Norman is just the latest business figure to speak out on the Tories' handling of Brexit.
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Years after Britain quit the European Union, its businesses are still suffering from lower sales as red tape makes it harder to export to the 27-nation bloc.
British retailer warns of ‘gathering storm’ of higher costs and pressure on budgets.
THE former CEO of Sainsbury’s has been clear about what initially caused the cost of living crisis – telling Sky News that Brexit is to blame.
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Archie Norman, the chair of Marks and Spencer, revealed the mountain of bureaucracy that is making international trade impossible for small producers, leading many to give up entirely.
Sacha Berendji also told a House of Lords committee that M&S had faced increased costs and wastage due to new rules and administration.
MARKS & Spencer has said it will increasingly turn to locally sourced food products to mitigate the impact of Brexit on its Irish operations.
The firm has faced post-Brexit difficulties in supplying food from Britain to its stores in the Republic of Ireland.
Retail giant Marks & Spencer has announced it will close 11 of its stores in France, saying Brexit has made it "near impossible" to supply fresh food to customers.
“And what's the Brexit dividend here? S-Group has already turned to French retailer Carrefour to fill the gap left by Tesco," a journalist has said.
Marks & Spencer (M&S) is to close 11 franchise stores that it currently runs in partnership with SFH in France, as a result of the changes that came about with the post-Brexit EU and UK trade deal.
The retail chain says trading conditions following the UK’s departure from the European Union make continuing the cross-Channel venture impossible.
The retailer said it was taking "decisive steps" on its European operations - after earlier this year complaining of the "pointless and byzantine" way rules on exports from the UK into the bloc were being enforced.
High street retailer says border controls are leading to gaps on the shelves and tons of food being spoiled.
The retailer held a meeting with its EU suppliers on Friday amid worries the stricter border controls will deeply affect its entire supply chain.
Marks & Spencer has warned of the risk of price pressures, less choice, and food being thrown away when post-Brexit rules on imports from the EU take effect at the start of next month.
A grace period on food imports checks is set to end on 1 October.
The end of the holiday season heralds the return to centre stage of a number of burning Brexit-related issues this autumn.
M&S expects to pay between £42 million and £47 million in additional costs this year, versus £16 million in 2020.
Marks & Spencer expects to incur between between £42 million (€49 million) and £47 million in Brexit costs for the current year, with a particular impact upon its business in the Ireland.