M&S Adjusted Profit Rebounds to £403.2 Million but Remains Below Pre-Cyberattack Level

The comparison matters because last year’s figures captured severe disruption. M&S’s 2025 interim report recorded a 42.9% fall in online Fashion, Home & Beauty sales after online orders stopped from late April to early June. Home delivery resumed in June, with click and collect returning in August.

The division’s adjusted operating margin fell from 12% to 2.7%. This year, the division’s sales rose 17.5% to £1.995 billion and adjusted operating profit reached £150.5 million. Both remained below 2024/25.

M&S cited lingering availability problems and a more expensive online mix, with fulfilment and returns volumes growing faster than sales. For retailers, that distinction is important. Reopening a digital channel can restore access to demand without restoring the economics of serving it.

When handling costs rise faster than sales, a stronger order book alone cannot demonstrate that a recovery is complete. Food offered a stronger counterweight, with sales up 13.9% and a 5.6% adjusted operating margin. Group statutory pretax profit was £355.1 million, a separate measure from the adjusted headline figure…