M&S cyberattack to wipe out nearly one-third of annual profits [MSNBC.com]
MARKS & SPENCER GRP S/ADR (MAKSY)
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Source: MSNBC.com
A Marks & Spencer Group Plc (M&S) store in Kingston-upon-Thames, UK.Bloomberg | Getty ImagesBritish retailerThe company, known for its clothing, homeware and food products, said last month's cyber attack would cost the business £300 million ($403 million) in operating profit this year."Our current estimate before mitigation is an impact on Group operating profit of around £300m for 2025/26," the company said in a statement alongside its annual results.It added that the financial impact would be reduced through management of costs, insurance and other trading actions, with costs related to the incident to be presented separately as an adjusting item.The forecasted impact equates to 30.5% of the company's £984.5 million annual operating profit before adjusting items as of March 29. 2025, which otherwise picked up by 17% year-on-year.The cyberattack, which occurred over the Easter holiday, has wiped over £1 billion from M&S' stock market value and continues to cause disruptions to online
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