Marks & Spencer pulls out of Russia permanently

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Marks and Spencer says it will leave the Russian market.

The retail giant stopped shipments to Russia in March, but said it could not withdraw completely because of complex franchise deals.

The firm said it would exit its Russian franchise.

Pre-tax profits for the year to 2 April were up from a loss the previous year.

M&S said it expected sales growth to slow due to rising costs.

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.

Inflation hit 9% in April, the highest level in 40 years, as household budgets are being squeezed by rising food, energy and fuel bills.

The cost of living is going up due to supply chain issues, the war in Ukraine and rising raw material costs.