M&S Profit Slumps From Cyberattack as Retailer Plots Recovery
M&S shares have recovered since the cyberattack announced in April.
Photographer: Chris Ratcliffe/BloombergMarks & Spencer Group Plc expects profit in the second half to rebound to at least last year’s level as the British retailer revealed the extent of a costly cyberattack in April that severely interrupted sales.
Adjusted pretax profit fell 55% from a year earlier to £184.1 million ($240 million) in the six months ended Sept. 27, the food and fashion chain said Wednesday. That was ahead of analyst estimates, though Jefferies said a £100 million insurance payout came earlier than expected and softened the blow.