M&S’s online business should be ‘fully’ operational by end of month, CEO says
Marks & Spencer’s online business should be running “fully” within the next four weeks, its boss has said, as the retailer recovers from a damaging cyber-attack.The hack forced the retailer to pause customer orders through its website for almost seven weeks, before resuming them last month.However, its click-and-collect services remain suspended, and the full range of clothing and homeware is not available to buy online.Stuart Machin, the M&S chief executive, told its annual general meeting in London: “I have previously highlighted that it would take all of June and all of July, maybe into August [to resume all of its operations].”Machin added: “Within the next four weeks we are hoping for the whole of online to be fully on.
” Then the company’s focus will be on replenishing its Castle Donington warehouse in the East Midlands, the main distribution centre for its clothing and homeware.“We’re hoping that by August we will have the vast majority of this behind us and people can see the true M&S,” Machin told shareholders.He added: “During the incident we chose to shut things down because we didn’t want the risk of things going wrong.”In the aftermath of the cyber-attack that brought chaos to the department store chain, M&S lost ground to fashion rivals such as Next, Zara and H&M, and has estimated a £300m hit to profits this year.When asked about M&S losing market share to competitors, Archie Norman, the company’s chair, said this was “at the forefront of our minds”, adding: “We are going to have to win them [customers] back in the autumn.
”Machin said the retailer would use its Sparks loyalty card to try to re-engage customers, for example by offering the usual birthday treat retrospectively to customers whose birthdays had been missed.He had been in stores every weekend and had tried to reply to as many customers as possible in writing, he added.He also admitted that M&S should improve its customer service.Machin received £7.1m for the last financial year – which ended weeks before the hack – up nearly 40% on the £5.
1m he took home a year earlier, the company said last month.M&S was also asked whether bonuses for its bosses would be reduced after the cyber-attack.Norman said: “All of our pay is performance-related so of course the financial effect of the incident will be reflected in the bonus.”Sign up to Business TodayGet set for the working day – we'll point you to all the business news and analysis you need every morningafter newsletter promotionThe company’s share price is trading about 13% lower than in mid-April, before the hack.The Hargreaves Lansdown analyst Susannah Streeter said: “There will be high hopes that M&S can put this unfortunate chapter behind it, and the early signs are that there is pent-up demand, particularly for its summer styles, with many of the popular products sold out online.
“Its strong set of annual results showed the retailer was in a resilient position before the cyber-attackers infiltrated systems.Sales growth in the fashion and home and beauty division reflected improved customer perceptions of value, quality and style.Demand for M&S food remains robust, with increased volumes driving growth.”All resolutions were passed by shareholders at the hybrid meeting, which was held in person in London as well as online, apart from one brought by campaign group ShareAction.The resolution was not supported by the board but received the backing of 30.
7% of investors,It asked M&S to disclose information about its approach to pay for contracted staff, as well as a cost-benefit analysis of setting the real living wage across its workforce,The company said all its employees were “paid the living wage or above and we attach great importance to ensuring that subcontracted employees are appropriately paid and treated as part of the M&S family”,
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