Group spent €807,000 testing store performance in Ireland via IrishTimesBiz
Marks & Spencer revealed another rise in sales despite wider concerns over the effect of the soaring cost of living on the high street. Photograph: Charlotte Ball/PA WireUK clothing and food retailer Marks & Spencer on Wednesday reported a 7.8 per cent decline in annual profit, as strong sales growth was offset by inflationary pressures and the impact of Brexit-related costs on the Irish food business.
The retail giant said that it spent £700,000 on “store impairment testing” in Ireland in the year to the end of April, as part of an initiative across its business aimed at identifying stores where current and anticipated future performance “does not support the carrying value of the stores”.
In Ireland, where M&S in February reported a 3.5 per cent decline in food sales, the retailer said that “robust” clothing and homeware sales saw overall Irish sales increase 15.1 per cent in the year. This was despite the continued impact of “Brexit related costs” on its Irish food business”. New import rules and additional paperwork associated with Brexit initially forced the UK retailer to cut 800 product lines in its stores in the Republic, including such items as free-range chicken, orchids or goods containing Parmesan Reggiano.
España Últimas Noticias, España Titulares
Similar News:También puedes leer noticias similares a ésta que hemos recopilado de otras fuentes de noticias.
Ireland To Become First In The World For Health Labelling On AlcoholLabels on products will state the number of calories and the alcohol content along with warnings about the risk of liver disease and cancer as a result of alcohol consumption
Leer más »
The Best Free Events Taking Place Around Ireland This SummerTravel, event and food blogger Sarah Hanrahan from 'I Come Undone' has all the info about the best free events for the whole family around Ireland this summe...
Leer más »
Only 40% of tech recycled due to data privacy concernsConcerns over personal data are holding users back from recycling old tech, according to WEEE Ireland.
Leer más »
Ireland trio enjoy title success on dramatic final day in ScotlandClaire Walsh and Emily Whelan both started for Glasgow City, with Aoife Colvill making her return from an ACL injury as a second-half substitute.
Leer más »
Ireland asks EU for extension to targets in its bid for recovery fundGovernment made an application for €915m from EU Commission’s €750bn ‘recovery and resilience’ fund in 2021
Leer más »