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Bloomberg
Marks & Spencer (M&S) Group warned that sales will suffer from the UK’s new lockdown and as Brexit complicates doing business in countries such as Ireland.
Fiscal third quarter like-for-like sales fell by 7.6%, as weaker clothing and homewares revenue offset a stronger performance in food. The company said products exported to countries such as Ireland are facing red tape and may attract tariffs. The company is working to mitigate the impact.
Marks & Spencer has experienced a number of problems in Ireland since Brexit including some food shortages in some of its stores there.
UK grocers such as J Sainsbury Plc have benefited from strong demand for food as more people work and celebrated
holidays at home and increasingly shop online. That boosted Marks & Spencer’s joint venture with Ocado. Food sales rose by 8.7% on a like-for-like basis in the four weeks to Christmas.