What's happened
Marks & Spencer has reported a year of profit decline linked to a cyber attack, while Currys notes solid trading and confirms a leadership transition. Both retailers point to ongoing transformations and macro pressures as they eye recovery.
What's behind the headline?
The reading:
- M&S has faced a significant profit hit and expects a year of recovery as it continues its transformation.
- Currys is delivering a stronger trading backdrop and hints at resilience despite broader consumer caution.
- The leadership change at Currys adds a fresh dynamic while the cyber-hit at M&S remains a reminder of how supply chains and online channels are critical.
How we got here
The articles cover two UK retailers affected by cyber disruption and shifting consumer demand. M&S disclosed a cyber incident around Easter last year that disrupted online sales and stock flow, impacting fashion and beauty, with food performing better. Currys has reported improving like-for-like sales and profits, aided by growth in services, B2B, and Nordic markets, and confirms its CEO is stepping down to join Boots later in the year.
Our analysis
The Independent: Henry Saker-Clark reports that M&S has come out of the year stronger and expects profit growth after a cyber attack. Reuters and The Independent also cover Currys' solid trading and Baldock’s departure.
Go deeper
- What has changed since last update on M&S and Currys?
- Are there new forecasts for profits next year?
- How might leadership change affect Currys’ strategy?
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