M&S struggle to see profits rise after exit from Russia plus cost pressures

M&S’s international business ran into other difficulties last year as well with the retailer closing 11 of its franchise stores in France

Marks & Spencer branch in Ashford, Kent. Photo credit: Gareth Fuller/PA Wire

Marks & Spencer Group warned that the cost-of-living crisis and a full exit from Russia will prevent its profit from rising this year.

Sales growth will slow due to the squeeze on shoppers from the higher cost of living, the company said.