Marks & Spencer warns April cyberattack will cut $400M from profits

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Retail Dive 20h ago

Marks & Spencer warns April cyberattack will cut $400M from profits - Retail Dive

Quick Summary:

The U.K.department store chain had to temporarily reduce online shopping services, which hit online sales and trading profits for fashion, home and beauty products.

The same hackers also breached the famed U.K.department store Harrods and the major U.K.supermarket company Co-op between mid-April and early May.

The company said the 300-million-pound financial impact from the cyberattack reflected a preliminary tally before cost mitigation, insurance and trading actions.