Marks & Spencer faces $402 million profit hit after cyberattack

British retailer giant Marks & Spencer (M&S) is bracing for a potential profit hit of up to £300 million £300 million ($402 million) following a recent cyberattack that led to widespread operational and sales disruptions. In a Wednesday filing with the London Stock Exchange, the company cited losses related to recovery efforts, systems downtime, and significant sales disruptions. While the full scope of the breach is still under investigation, M&S has confirmed that online retail systems are still disabled and expects the disruptions to last at least until July. "Since the incident, Food sales have been impacted by reduced availability, although this is already improving. We have also incurred additional waste and logistics costs, due to the need to operate manual processes, impacting profit in the first quarter," the company revealed. "In Fashion, Home & Beauty, online sales and trading profit have been heavily impacted by the necessary decision to pause online shopping, however s ... Read full article.