Just a few months ago, M&S may well have been gearing itself up for a victory lap as it rounded out an exceptionally strong financial year, building momentum on its impressive turnaround plan.
It’s been a year of a number of milestones for the business – from the long-fought for approval to redevelop its Marble Arch flagship, to its convenience store expansion plan and debut of a new fashion-focused store format.
Instead, CEO Stuart Machin candidly spoke of the “most challenging period” of his career as the retailer forecast that the ongoing impact of a cyber attack which began in April would result in a £300m hit to its current full-year profits.
For M&S, this figure has cast a long shadow over what would have otherwise been a celebratory set of full-year results, and one that may be hard to shrug off.
M&S posted an otherwise upbeat set of full-year results, with strong numbers: food sales surged, clothing held up in a tough market, and Machin is adamant that the retailer’s balance sheet is “stronger than ever”.
But despite these positives, the retailer’s post-trading update was dominated by one thing: the aftermath of a major cyber incident.
Read more on Grocery Gazette >>
Click here to sign up to Retail Gazette‘s free daily email newsletter
