- Marks & Spencer is set to update shareholders on 20 May, regarding its recovery from a major cyber-attack that impacted sales and profitability last year.
- The cyber-attack, which occurred around the Easter weekend, forced M&S to cease online sales for approximately six weeks and caused significant disruption to its logistics systems, resulting in empty shelves.
- The retailer previously stated the incident would reduce its annual profits by about £136 million, with £34 million of this affecting the final six months of its financial year.
- M&S is anticipated to report a pre-tax profit of £654 million for the year ending 28 March, representing a 25 per cent decline from the £875.5 million recorded a year earlier.
- While analysts predict a profit rebound for the current financial year, concerns persist over inflation, a subdued fashion market, and political uncertainty, contributing to the company's shares reaching a one-year low.
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