Marks & Spencer cyberattack to cost $403 million in operating profit

Marks & Spencer Group Plc is facing a £300 million ($403 million) hit to operating profit this fiscal year from a cyberattack that’s still disrupting the company’s sales and operations.

The British retailer will try to mitigate the impact with cost savings and insurance payouts, it said Wednesday. Online clothing and home orders, which account for more than £3 million of sales a day and have been suspended for more than three weeks, will be disrupted into July.