Overview
- Marks & Spencer, which reported full-year results on Wednesday, said a £131m cyber attack charge drove a near 29% drop in pre-tax profit to about £365m and it expects profit growth to resume this year.
- The hack last year shut its website for around 12 weeks and snarled logistics, which left some stores with empty shelves.
- Fashion, home and beauty took the biggest hit, with sales down about 8% and profits more than halved after heavy markdowns to clear delayed stock.
- Food sales rose 7% to £9.7bn, and the group has begun building a £340m Northamptonshire distribution centre to expand its weekly shop offer.
- Leaders warned of higher fuel and freight bills linked to the Iran war and a heavier tax and rule burden, and said the Information Commissioner’s Office is investigating the incident.