The firm said it sees no sign of inflation abating but believes cost increases will slow down by the end of September.
M&S just released its full-year results, which showed the company recover from a £209.4m pre-tax loss reported in 2021. Pre-tax profits jumped to £391.7m for the year to April 2022.The retailer said it was hit by EU border costs due to Brexit and decided to scrap its high street franchise food operation in France, as well as exports of chilled food to its business in the Czech Republic.
It said it continues to absorb administrative costs affecting food exports to Ireland,"none of which benefit consumers". M&S said it would mitigate these costs further by increasing local sourcing and automating its processes.
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