Marks & Spencer’s CEO has announced that the retailer expects to have its online shopping fully operational within four weeks following a cyber attack. While online orders resumed in June, half of the online operations, including click and collect, are still affected, according to Stuart Machin at the company’s annual general meeting (AGM). After the online services are fully restored, the focus will shift to getting the Castle Donington distribution center up and running again by August. The cyber attack in April resulted in a loss of sales for about six weeks and the theft of customer data. M&S estimates that the attack will lead to a £300m decrease in profits this year, which may not be fully covered by insurance. Although online orders have resumed in most parts of the UK, customers in Northern Ireland and the Republic of Ireland are still waiting for the service to resume. Machin informed shareholders at the AGM that the goal is to have all online services fully operational within the next four weeks, and then to focus on restoring the Donington site. M&S had previously announced that disruptions would continue in June and July. Last week, the retailer sent e-gift cards to customers whose online orders were cancelled or delayed. The attack may have benefited some of M&S’s competitors, as Sainsbury’s reported a slight increase in sales due to lower stock levels at M&S stores. According to Susannah Streeter, head of money and markets at Hargreaves Lansdown, M&S still has a long way to go before fully recovering from the cyber attack, but early signs show pent-up demand for summer fashion styles. The company’s strong annual results before the attack suggest that it is in a resilient position, which is a positive sign for the future.
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