“We have made the decision to fully exit our Russian franchise and we have recognised a charge of £31 million in adjusting items, representing our full exit costs from Russia and business disruption in Ukraine. Unfortunately, our Ukrainian business has also been partially closed as a result of war impacts, and we are working with our partner to reopen as and when possible,” the company said in a statement.
The M&S businesses in Russia and Ukraine have been operated by a licence holder and franchise partner and in 2021-22 generated retail sales of £102.5 million and a contribution to profit before adjusting items of £5.2 million.
ALCHEMPro News Desk (KD)
Receive daily prices and market insights straight to your inbox. Subscribe to AlchemPro Weekly!
marketing@alchempro.com
