Marks & Spencer’s half-year profits fell by more than half following the severe impact of the major cyber attack it suffered earlier this year.
The retailer reported underlying pre-tax profit of £184.1 million for the six months to September 27, down by 55.4 per cent from the £413.1 million achieved the prior year.
Stuart Machin, chief executive, Marks & Spencer, said: “The first half of this year was an extraordinary moment in time for M&S.
“However, the underlying strength of our business and robust financial foundations gave us the resilience to face the challenge and deal with it. We are now getting back on track.”
Some fashion businesses relying upon M&S online concessions to boost their sales were also badly impacted by the cyber attack, whereas Next is on record as saying that it benefited from the problems at M&S.
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