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Cyberattack to cost Marks and Spencer £300m

Greta W. by Greta W.
21 May 2025
in News, World
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Cyberattack to cost Marks and Spencers £300m
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British retailer Marks & Spencer said on Wednesday a “highly sophisticated cyber” attack last month would cost it about £300 million in operating profit, with disruptions set to run into July.

The attack on one of the biggest names in Britain, with 64,000 staff and 565 stores, sent shockwaves through the retail sector.

It forced the chain’s online clothing operation offline, left some food shelves bare, and wiped over a billion pounds from the company’s stock market value.

M&S said it expected online disruptions to continue throughout June and into July as it restarts systems and then ramps up operations.

It said its food division had been hit by reduced availability and higher costs due to waste and logistics as it was forced to return to pen and paper systems.

Food supplies had since improved but its fashion, home and beauty division would continue to suffer as its online sales and trading profit had been heavily impacted by the decision to pause online shopping.

Stores “remained resilient”, it said.

Chief executive Stuart Machin said the retailer had overcome many challenges in the past 140 years.

“This incident is a bump in the road, and we will come out of this in better shape, and continue our plan to reshape M&S for customers, colleagues and shareholders,” he said.

Customers had been “unwavering in their support”, he said, and he was incredibly grateful for their patience and trust.

M&S disclosed the attack on April 22. Three days later it stopped taking clothing and home orders through its website and app.

It said last week that some personal customer information was also stolen in the hack.

With hackers having also hit the Co-op and Harrods in Britain, and Google saying last week those responsible were targeting US companies, retailers worldwide are racing to boost defences. (Reuters)

Tags: World
Greta W.

Greta W.

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