Marks & Spencer braced for £270m profit hit from hack
M&S is set to unveil a hit to profits in its first annual results this week since a cyberattack last Easter.
The retailer is expected to report a £603 million profit for the year to March against £876 million a year ago, said data platform Refinitiv.
At Easter last year hackers left M&S unable to sell online for nearly two months, leading some shoppers to turn to rival Next.
In half-year results, the store said profit for the six months to September halved to £184 million.
In vogue: Marks and Spencer’s popularity has been helped by ad campaigns with stars such as Gillian Anderson (pictured)
Markets expect profit to have recovered in the second half to £473.5 million – but not enough to prevent an annual decline. Boss Stuart Machin says M&S has recovered and gone on the offensive to drive sales.
Last week it said it had bagged a big warehouse in Staffordshire from Asos for £67.5 million to boost its online offer. It is raising efforts to compete with fast fashion rivals by refreshing the clothing ranges in its shops more speedily.
Its popularity has been helped by ad campaigns with stars such as Gillian Anderson but like other retailers M&S is facing pressure with the rising cost of goods caused by the Iran war.
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