{"id":68807,"date":"2022-11-09T09:45:07","date_gmt":"2022-11-09T09:45:07","guid":{"rendered":"https:\/\/tahrir2day.com\/news\/2022\/11\/09\/ms-warns-of-gathering-storm-as-higher-costs-bite\/"},"modified":"2022-11-09T09:45:07","modified_gmt":"2022-11-09T09:45:07","slug":"ms-warns-of-gathering-storm-as-higher-costs-bite","status":"publish","type":"post","link":"https:\/\/tahrir2day.com\/news\/2022\/11\/09\/ms-warns-of-gathering-storm-as-higher-costs-bite\/","title":{"rendered":"M&S warns of ‘gathering storm’ as higher costs bite"},"content":{"rendered":"
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Marks and Spencer has warned of a “coming storm” of higher costs for retailers and pressure on household budgets as it reported a fall in profit for the first half.<\/b><\/p>\n<\/div>\n

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The high street giant said trading was set to become “more challenging” after announcing its profits fell 24%.<\/p>\n<\/div>\n

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It said “all parts” of retail would be affected by Britain’s economic climate and adding unprofitable businesses would go bust.<\/p>\n<\/div>\n

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However, M&S said its business could “prove more resilient” because of its clientele.<\/p>\n<\/div>\n

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Many British companies are affected by the rising costs of energy, wages and raw materials. <\/p>\n<\/div>\n

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Consumers are also cutting spending and the Bank of England has warned the UK is facing its longest recession on record.<\/p>\n<\/div>\n

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M&S said the “combined impact of cost of living pressures” and increased cost of doing business “created pressure on margins across the industry”.<\/p>\n<\/div>\n

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However, the retailer said that while M&S is prepared for the difficult times ahead, it is in a stronger position than others with a high number of its 30 million customers “in above-paying jobs or in retirement”.<\/p>\n<\/div>\n

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“Though we therefore expect a significant drop in market demand, the M&S customer may prove more resilient than some market commentators are implying,” the company said.<\/p>\n<\/div>\n

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\u201cA high proportion of them are in above-average paying jobs or retired. Despite the recovery in demand since the pandemic and the return to travel, these age groups have become more isolated and many retain a savings cushion.\u201d<\/p>\n<\/div>\n

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According to M&S, group earnings rose 8.5% to \u00a35.5 billion in the six months to October 1, with sales of clothing and homes doing well. <\/p>\n<\/div>\n

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But its full-year profits would be hurt by the exit from Russia and the end of tax breaks granted to companies by the government during the pandemic.<\/p>\n<\/div>\n

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“Across all M&S markets, it is highly likely that conditions will become more difficult in 2021,” the company added.<\/p>\n<\/div>\n

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“However, the sweeping changes that have been made in recent years, combined with a reinvigorated product offering and value for money, offer some protection from the oncoming storm.”<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

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