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    MKS   GB0031274896

MARKS AND SPENCER GROUP PLC

(MKS)
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Delayed London Stock Exchange  -  11:35 2022-07-01 am EDT
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Marks & Spencer : Percy Pig faces tariffs going to EU markets, UK's M&S warns

01/08/2021 | 06:57am EDT
Percy Pig products are on display at a Marks & Spencer store in South Woodford, London

LONDON, Jan 8 (Reuters) - British retailer Marks & Spencer warned on Friday its popular Percy Pig sweets could be hit by tariffs if it re-exports the product to European Union countries, including Ireland.

Chief Executive Steve Rowe said the pink sweets, along with about a third of the products in M&S's food business, are subject to very complex "rules of origin" regulations that form part of Britain's trade deal with the EU struck on Christmas Eve.

The rules relate to the composition of individual products and how much of it has been altered in the United Kingdom.

Any product that is manufactured in Europe, imported into the UK and then re-distributed to EU countries faces a tariff.

"The best example I can give you of that is Percy Pig," Rowe told reporters, as M&S updated on Christmas trading.

"Percy Pig is actually manufactured in Germany. If it comes to the UK and we then send it to Ireland, in theory it would have some tax on it," he said.

M&S warned on Friday the tariffs issue would significantly impact its businesses in Ireland, the Czech Republic and its franchise business in France.

It said it is working to mitigate the problem.

(Reporting by James Davey; Editing by Kate Holton)


© Reuters 2021
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Analyst Recommendations on MARKS AND SPENCER GROUP PLC
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Financials
Sales 2022 10 845 M 13 047 M 13 047 M
Net income 2022 339 M 408 M 408 M
Net Debt 2022 2 912 M 3 504 M 3 504 M
P/E ratio 2022 8,26x
Yield 2022 0,14%
Capitalization 2 714 M 3 265 M 3 265 M
EV / Sales 2022 0,52x
EV / Sales 2023 0,49x
Nbr of Employees 65 000
Free-Float 99,3%
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Mean consensus OUTPERFORM
Number of Analysts 21
Last Close Price 138,20 GBX
Average target price 186,38 GBX
Spread / Average Target 34,9%
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Managers and Directors
Stuart Machin Co-Chief Executive Officer & Director
Katie Bickerstaffe Co-Chief Executive Officer & Director
Eoin Philip Tonge CFO, Executive Director & Chief Strategy Officer
Archibald John Norman Chairman
Sacha Berendji Director-Retail, Operations & Property
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