Marks & Spencer Expects Cyberattack to Cost £300 Million

Marks & Spencer Group Plc is facing a £300 million ($403 million) hit to operating profit this fiscal year from a cyberattack last month it blamed on human error that is still disrupting sales and operations.

The British retailer will try to mitigate the impact with cost savings and insurance payouts, it said Wednesday. Online clothing and home orders, which account for more than £3 million of sales a day, will resume “in a matter of weeks,” M&S said, with the disruption expected to continue into July.