M&S: FTSE 100 shares start recovery after near-£700m cyber attack hit
Shares in Marks and Spencer (M&S) have risen for the first time since a cyber attack wiped almost £700m off the FTSE 100 retailer’s valuation.
M&S has seen its share price tumble from 411p to 383p in the last week after first revealing the cyber attack last Tuesday.
The cyber attack initially impacted contactless payments and click and collect orders.
On Friday, M&S announced that it stopped taking orders through its website and app.
The company added that some of its international websites had also paused taking orders.
But while the impact of the cyber attack is still being felt by M&S, its share price has increased for the first time since the crisis struck.
It comes after M&S told some customers yesterday that it did not know how long it would take to start taking orders online again.
Cyber chaos
Around 200 agency staff at the company’s main online distribution centre in Leicestershire have also been told to stay at home.
M&S raked in £1.27bn from online sales of clothes and homeware last year.
In its last public comments on the cyber attack, issued to the London Stock Exchange on Friday, M&S said: “As part of our proactive management of the incident, we have made the decision to pause taking orders via our UK & Ireland websites and apps and some M&S International operated websites.
“The M&S product range is available to browse online, and our stores remain open and ready to welcome and serve customers.
“We continue to manage the incident proactively and the M&S team – supported by leading experts – is working extremely hard to restore online operations and continue to serve customers well.
“We previously informed customers that there was no need to take any action. That remains the case, and we will let them know, if the situation changes.
“We remain grateful for the support that our customers, colleagues, partners and suppliers have shown during this time and will provide further updates, as appropriate.”