M&S warns cyber attack disruption will last until July and hit profits by £300m
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Marks & Spencer reveals impact of serious cyber attack
- Marks & Spencer (M&S) expects disruptions from a cyber attack could last until July, but hopes to have online sales partly restored "within weeks".
- The attack, which has impacted profits by an estimated £300 million, has severely affected online sales and profits in the fashion, home, and beauty departments.
- Online orders have been paused for three weeks, and in-store availability has been impacted due to IT system changes.
- Disruption to online operations is set "to continue throughout June and into July as we restart, then ramp up operations", the retailer said.
- M&S aims to mitigate the financial impact through cost management and insurance, among other measures.
- Shareholder David Wallace criticised M&S's handling of the incident, stating it "should have been handled better".