Close Menu
  • Home
  • AI
  • Business
  • Market
    • Media
      • News
    • Politics
  • Sports
  • USA
  • World
    • Local
  • Breaking News
  • Health
  • Entertainment & Lifestyle

Subscribe to Updates

Subscribe to our newsletter and never miss our latest news

Subscribe my Newsletter for New Posts & tips Let's stay updated

What's Hot

Trump slams Israel’s prosecutors over Netanyahu corruption trial

How a Millennial Earned $500k Annually by Juggling Three Remote Jobs

England Women vs India Women: Lauren Winfield-Hill believes the hosts lost control in tourists’ innings of heavy opening T20I defeat | Cricket News

Facebook X (Twitter) Instagram
  • Home
  • About Us
  • Advertise With Us
  • Contact Us
  • DMCA
  • Privacy Policy
  • Terms & Conditions
Facebook X (Twitter) Instagram
BLMS Media | Breaking News, Politics, Markets & World Updates
  • Home
  • AI
  • Business
  • Market
    • Media
      • News
    • Politics
  • Sports
  • USA
  • World
    • Local
  • Breaking News
  • Health
  • Entertainment & Lifestyle
BLMS Media | Breaking News, Politics, Markets & World Updates
Home » M&S cyberattack to wipe out nearly one-third of annual profits
Market

M&S cyberattack to wipe out nearly one-third of annual profits

BLMS MEDIABy BLMS MEDIAMay 21, 2025No Comments3 Mins Read
Share Facebook Twitter Pinterest Telegram LinkedIn Tumblr Email Copy Link
Follow Us
Google News Flipboard
Share
Facebook Twitter LinkedIn Pinterest Email Copy Link


A Marks & Spencer Group Plc (M&S) store in Kingston-upon-Thames, UK.

Bloomberg | Getty Images

British retailer Marks & Spencer said Wednesday that a recent cyberattack, which left food shelves bare and brought online sales to a standstill, will wipe out almost one-third in its annual profits.

The 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 retail, which the company said could be expected to continue into July.

The high street giant said the “highly sophisticated and targeted cyber-attack” had led to a “limited period of disruption,” but that the incident had also marked an opportunity to accelerate its technology transformation program announced last year.

Stock Chart IconStock chart icon

hide content

M&S.

“We will use this window of disruption to accelerate our technology transformation plans; the plans we laid out a year ago. In fact, we will condense the two-year plan into just six months,” CEO Stuart Machin said during an earnings presentation on Wednesday.

The incident sent shock waves across the industry, with retailers such as the Co-op and Harrods also facing recent attacks.

Machin said that he would not comment on whether the retailer had paid a ransom in a cyber attack, according to Reuters. He also noted that the incident was the result of “human error,” without providing further details.

“We will now draw a line under this and move on to business as usual,” he said.

Lucy Rumbold, equity research analyst at Quilter Cheviot, said the cyber attack had “overshadowed” otherwise solid annual results for the retailer, but added that much of the impact had already been priced in.

Shares of M&S were up 0.68% by 10:23 a.m. London time.

“This cyber attack highlights just how damaging things like this can be,” Rumbold said over email. “We now have a clearer picture around the profit damage, however uncertainty on the duration of the attack remains, leaving the company vulnerable to further risks in the market.”

Businesses have been increasingly flagging cyber threats as a key risk to their operations. JD Sports on Wednesday cited “a significant cyber-attack” that stalls store sales as a “severe but plausible” downside scenario going forward.



Source link

Follow on Google News Follow on Flipboard
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email Copy Link
Previous ArticleInflation Soars to Highest for More Than a Year on ‘Awful April’ Bill Increases
Next Article Trump asks Supreme Court to intervene in fight over DOGE records
BLMS MEDIA
  • Website

Related Posts

Trump slams Israel’s prosecutors over Netanyahu corruption trial

June 29, 2025

Trump’s ‘big, beautiful bill’ clears key Senate hurdle

June 29, 2025

Tesla first driverless delivery new car to customer

June 28, 2025
Add A Comment
Leave A Reply Cancel Reply

Top Posts

Nova Scotia: Siblings Lily, 6, and Jack, 4, have been missing in rural Canada for four days

May 6, 202515 Views

Families of Air India crash victims give DNA samples to help identify loved ones

June 13, 20258 Views

Australia’s center-left Labor Party retains power as conservative leader loses seat, networks report

May 3, 20254 Views

These kibbutzniks used to believe in peace with Palestinians. Their views now echo Israel’s rightward shift

May 2, 20254 Views
Don't Miss

Meta reportedly hires four more researchers from OpenAI

By BLMS MEDIAJune 28, 20250

Looks like Meta isn’t done poaching talent from OpenAI. Earlier this week, TechCrunch reported that…

Week in Review:  Meta’s AI recruiting blitz

Vitalik Buterin has reservations about Sam Altman’s World project

Anthropic’s Claude AI became a terrible business owner in experiment that got ‘weird’

Subscribe to Updates

Subscribe to our newsletter and never miss our latest news

Subscribe my Newsletter for New Posts & tips Let's stay updated

Our Picks

Trump slams Israel’s prosecutors over Netanyahu corruption trial

How a Millennial Earned $500k Annually by Juggling Three Remote Jobs

England Women vs India Women: Lauren Winfield-Hill believes the hosts lost control in tourists’ innings of heavy opening T20I defeat | Cricket News

Welcome to BLMS Media — your trusted source for news, insights, and stories that shape our world.

At BLMS Media, we are committed to delivering timely, accurate, and in-depth information across a wide range of topics. Whether you’re looking for breaking news, political analysis, market trends, or global developments, we bring you the stories that matter — with clarity, integrity, and perspective.

Facebook X (Twitter) Instagram Pinterest
  • Home
  • About Us
  • Advertise With Us
  • Contact Us
  • DMCA
  • Privacy Policy
  • Terms & Conditions
© 2025 blmsmedia. Designed by blmsmedia.

Type above and press Enter to search. Press Esc to cancel.