![\"Marks](\"https:\/\/dailybusinessgroup.co.uk\/wp-content\/uploads\/2023\/01\/Marks-Spencer-Gyle-2.png\")
Marks & Spencer said it had seen \u201ca year of two halves\u201d after a cyber attack hit sales and led to a sharp fall in profit.<\/p>\n
The retailer suffered a \u00a3131m hit from the attack which caused severe disruption for three months.<\/p>\n
The chain said it had bounced back from the incident and enters 2026\/27 with a clear plan and a strong balance sheet that will see profit growth resume.<\/p>\n
For the year to 28 March it saw a 23.8% fall in adjusted profit before tax to \u00a3671.4m, though the second half was up up 4.1%. Statutory profit before tax was down 28.8% at \u00a3364.6m.<\/p>\n
Food sales rose 7%, fashion, Home & Beauty sales were down 7.7% and International sales 7.2% lower. The board is proposing a 16.7% rise in the full year dividend to 4.2p<\/p>\n
The company opened 12 food and 3 full line stores during the period.<\/p>\n
Higher fuel and freight costs due to the Iran war, on top of a heavier tax and regulatory burden, have added to pressures across the high street.\u00a0<\/p>\n
\u201cRetailers face a triple whammy of headwinds with increased taxation, a greater regulatory burden and ongoing global conflict,\u201d chief executive Stuart Machin said.\u00a0<\/p>\n
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