Supermarkets face ‘triple whammy’ of problems, warns M&S
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Marks & Spencer warns that supermarkets face a 'triple whammy' of challenges: higher taxes, increased regulation, and global conflict, leading to a profit drop of nearly £150m. CEO Stuart Machin criticized the Chancellor's proposal for price caps on essential items, calling it a 'desperate' measure. Despite a 25% revenue increase to £17.3bn, profits fell from £511m to £364.6m, partly due to a cyber attack costing £131m. The British Retail Consortium urges the government to address underlying costs instead of imposing price controls.
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