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Britain's M&S reviewing future of French stores

LONDON (Reuters) - British retailer Marks & Spencer (OTC:MAKSY) said on Sunday it was reviewing the future of its French business, with new trade rules in place since Britain left...

LONDON (Reuters) - British retailer Marks & Spencer (OTC:MAKSY) said on Sunday it was reviewing the future of its French business, with new trade rules in place since Britain left the European Union continuing to impact product availability in stores.

“In light of the new customs arrangements we are taking decisive steps to reconfigure our European operations and have already made changes to food export into Czech Republic," said an M&S spokesperson.

"We operate a franchise business in France and are currently undertaking a review of the model with our two partners in the market.”

Earlier this year, M&S restructured its Czech business, taking out fresh foods from stores and adding expanded ranges of longer life products.

M&S operates about 20 stores in France with partners SFH and Lagardere.

M&S did not comment on a Mail on Sunday report that it is expected to close stores in France and may even stop selling its popular sandwiches and chilled food in the country altogether.

The newspaper said M&S could make an announcement in the next few weeks.

M&S Chairman Archie Norman has complained the retailer has struggled to get goods into EU members Ireland and France since Britain left the EU's single market at the beginning of the year, due to the huge amount of paperwork that was required.

Last month, M&S upgraded its profit outlook after a jump in demand for food and a surge in online clothes sales indicated that its latest turnaround plan was starting to deliver.

Shares in M&S are up 37% so far this year.

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18-09-2021 02:31:04 (UTC+7)

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 EUR/USD1.1731↑ Buy
 GBP/USD1.3740Sell
 USD/JPY109.93↑ Buy
 AUD/USD0.7272Sell
 USD/CAD1.2743Neutral
 EUR/JPY128.96↑ Buy
 EUR/CHF1.0938Neutral
 Gold1,752.75↑ Sell
 Silver22.422Neutral
 Copper4.2450Neutral
 Crude Oil WTI72.00↑ Sell
 Brent Oil75.38↑ Sell
 Natural Gas5.055↑ Sell
 US Coffee C186.75Buy
 Euro Stoxx 504,130.84↑ Buy
 S&P 5004,432.05↑ Sell
 DAX15,490.17↑ Buy
 FTSE 1006,963.64↑ Buy
 Hang Seng24,920.76↑ Buy
 Small Cap 20002,224.40↑ Sell
 IBEX 358,760.90↑ Sell
 BASF63.085↑ Sell
 Bayer45.07↑ Sell
 Allianz190.23↑ Sell
 Adidas281.60↑ Sell
 Lufthansa8.210Neutral
 Siemens AG148.76↑ Sell
 Deutsche Bank AG11.080↑ Sell
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank5,600/ 5,665
(0/ 0) # 809
SJC HCM5,600/ 5,665
(0/ 0) # 810
SJC Hanoi5,600/ 5,667
(0/ 0) # 812
SJC Danang5,600/ 5,667
(0/ 0) # 812
SJC Nhatrang5,600/ 5,667
(0/ 0) # 812
SJC Cantho5,600/ 5,667
(0/ 0) # 812
Cập nhật 18-09-2021 02:31:05
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Cập nhật lúc 18:53:14 17/09/2021
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