High street retailer Marks & Spencer has suffered a significant blow following a major cyber attack that left its online sales platform crippled and shelves empty. The attack, which was reported in the year to March 29, resulted in a £131m profits slump for the retailer. Adjusted pre-tax profits dropped by 23.8% to £671.4m, with revenue falling to £13.8bn.
The cyber attack, which is believed to have been a major factor in the profits slump, had a significant impact on Marks & Spencer's operations. The company's online clothing sales were halted, and shelves in its stores were left empty due to supply chain disruptions.
The news comes at a challenging time for the UK retail sector, which has been hit hard by the ongoing cost of living crisis and rising inflation. The effects of the cyber attack on Marks & Spencer's operations are a stark reminder of the potential risks and consequences of such attacks.
The Bank of England has warned of a potential recession in the UK, citing rising inflation and a decline in consumer spending. The FTSE 100 has also been impacted, with many retailers struggling to maintain profitability in the face of rising costs and declining consumer confidence.
What this means for you: As a UK saver, you may be concerned about the impact of this news on the stability of the UK economy. However, it is essential to note that individual circumstances can vary greatly, and it is always best to seek advice from a qualified financial adviser.