Cyberattack costs UK retailer Marks&Spencer £300 million

LONDON, United Kingdom -- British clothes-to-food retailer Marks and Spencer on Wednesday said a cyberattack disrupting its online service is set to last through to July and hit group profit by around £300 million ($404 million). Marks last week revealed that some personal data of its customers had been stolen in a cyberattack that has crippled its online services for weeks. "In Fashion, Home & Beauty, online sales and trading profit have been heavily impacted by the necessary decision to pause online shopping, however stores have remained resilient," Marks said in a statement. "We expect online disruption to continue throughout June and into July as we restart, then ramp up operations." The impact on annual group operating profit is estimated at around £300 million, "which will be reduced through management of costs, insurance and other trading actions", the retailer added. The new...