M&S Chairman Flags Post Brexit Export Challenges
The chairman of Marks & Spencer, Archie Norman, has said that exports of its popular gourmet sandwiches to its stores in France could stop altogether, if Brexit results in border challenges, the Financial Times has reported.
Noting that M&S sandwiches are "very popular" in France, Norman told the paper that as its products are created in Northampton and transported to France every day through the Channel Tunnel, additional border complications could see supply cut off.
“The French won’t like to hear this, but [M&S sandwiches] are very popular,” Norman said. “If our lorries are sitting in a lorry park near Dover for half a day, that would be the demise of the great M&S sandwich in Paris.”
M&S sandwiches are shipped from Northampton to some 1,000 stores across the UK as well as to its 20 French outlets, of which 19 are located in the capital.
In May, Marks & Spencer posted a 62% decline in pre-tax profit for full-year 2017/18, announcing plans to close as many as 100 stores across its estate between now and 2022.
Commenting on its performance at the time, analyst Russ Mould of AJ Bell said, “At least the accelerated pace of change suggests that chairman Archie Norman is just starting to get going and help chief executive Steve Rowe with the tough decisions that need to be made.
"However, even Mr Rowe admits that it is going to be a long haul, as the goal now is to deliver sustainable, profitable growth ‘within three to five years’."
© 2018 European Supermarket Magazine – your source for the latest retail news. Article by Stephen Wynne-Jones. Click subscribe to sign up to ESM: European Supermarket Magazine.