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British retail giant Marks and Spencer is in crisis - if its latest figures are anything to go by. The iconic brand witnessed its half-year profits plummet by more than half following a devastating cyberattack that crippled its online operations. In a statement released topday, M&S revealed that its underlying pretax profits crashed by 55.4% to £184.1 million during the six months ending September 27, primarily due to a catastrophic 40% drop in online home and fashion sales after being forced to suspend website orders. Strong food sales provided some relief from the financial damage. M&S was compelled to cease all online trading for approximately six weeks and faced bare shelves as its logistics systems were severely disrupted when cybercriminals struck over the Easter weekend. The company attributed the breach to "human error." The cyber assault resulted in £324m of lost revenue, though the retailer managed to recoup 100 million pounds through insurance claims. The company stated that the attack is expected to dent profits by roughly £136m, with an additional £34m anticipated in the year's final six months. M&S's fashion division bore the brunt of the damage, experiencing overall sales decline of 16.4% in the first half, whilst online sales plummeted by 42.9%. The hack, regarded as one of the most damaging in British corporate history, also resulted in customers' personal information being stolen, potentially including names, email addresses, postal addresses and dates of birth. "The first half of this year was an extraordinary moment in time for M&S," commented Stuart Machin, chief executive of M&S. "We are now getting back on track." M&S restarted home deliveries in June following the cyber attack, but didn't resume click and collect services until August. The retailer stated that online sales are showing signs of improvement and the business anticipates full trading recovery by the close of its financial year. Nevertheless, it acknowledged that the "recovery" has been more sluggish in fashion, home and beauty compared to food. For the latest breaking news and stories from across the globe from the Daily Star, sign up for our newsletters .
