M&S' food sales growth slows after cyberattack, says NielsenIQ
LONDON: British retailer Marks & Spencer's (M&S) food business recorded a slowdown in sales growth to 9.1 per cent year-on-year in the 12 weeks to June 14, reflecting the aftermath of a cyberattack in April, according to data from researcher NielsenIQ released on Wednesday.
NielsenIQ said the growth was down from 10.8 per cent in last month's report and 14.7 per cent in the prior one.
M&S' market share ticked up by 10 basis points year-on-year to 3.7 per cent, but slipped from 3.8 per cent in the previous month's reading.
In response to the cyberattack, M&S had halted online clothing orders and disabled other systems, which impacted food availability and led to higher waste and logistics costs.
Last month, M&S estimated the attack would result in a loss of about £300 million (US$409 million) in operating profit.
The group resumed online clothing orders on June 10 after a 46-day suspension following the incident.
NielsenIQ's data largely aligned with a separate report by rival researcher Kantar released on Tuesday, which showed strong performances from market leader Tesco, number two Sainsbury's, and online grocer Ocado.
However, M&S is not fully included in Kantar's market share data set.
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