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UK retailer Marks and Spencer said on Wednesday that it expects a £300mn hit to profits this year because of a cyber attack last month.
The company, whose operations have been disrupted by the hack, said it forecast an impact of £300mn on group operating profit for this financial year before mitigation, “which will be reduced through management of costs, insurance and other trading actions”.
Chief executive Stuart Machin said the incident had been challenging “but it is a moment in time” and “a bump in the road” and there was no change to the company’s transformation plans.