Marks and Spencer experienced a significant decline in first-half profits due to a recent cyberattack, which caused substantial one-time costs. Despite operational disruptions and a profit plunge, the retailer maintained sales growth and remains cautiously optimistic about recovery. #Cyberattack #M&S #FinancialImpact
Keypoints
- Marks and Spencer’s first-half profit dropped 97.8% due to a cyberattack’s costs.
- The cyber incident led to £101.6 million in direct costs, severely impacting earnings.
- Despite setbacks, M&S’s total sales increased by 22.5%, reflecting strong consumer demand.
- Online sales and fashion segments were temporarily disrupted but gradually recovered.
- The company remains cautiously optimistic about second-half profits and operational stability.
Read More: https://thecyberexpress.com/marks-and-spencer-profit-falls/