# M&S profits slide after cyber attack, but retailer hails ‘progress’

By Russ Mould — 2026-05-20

Russ Mould, investment director at AJ Bell, said: “While Marks & Spencer’s full-year results undoubtedly bear the scars of the damaging cyber-attack that hit the company last year, an increase in the dividend and confidence in a return to growth in the current financial year has won investors over.

“Although last Spring’s cyber-attack was a major incident which caused significant disruption, the crisis now looks more like a blip in a story of continuing recovery at Marks & Spencer. The food arm has been a consistent performer over many years and is now augmented by the full consolidation of the Ocado Retail business. There are lofty ambitions to take greater share in the UK grocery market, but the clothing business is now firing too.

“The recent deal to acquire a logistics hub from ASOS is expected to double online fashion sales and further reinvigorate this part of the group. An overdue revamp of the company’s loyalty programme could also provide a useful boost across both food and clothing. Previously this did not match up to Tesco’s Clubcard or Sainsbury’s Nectar card as a way of driving repeat business, however the relaunched Sparks card looks better set up to deliver these benefits.

“The consumer backdrop may be unhelpful, but Marks seems to be doing all that is within its compass to keep driving the business forward.”

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