Slump puts pressure on M&S boss
Pressure on Marks & Spencer boss Marc Bolland intensified after the City punished the chain for a dismal performance in clothing last Christmas.
M-amp;S shares were 4% lower after Wednesday night's disclosure that like-for-like sales fell by 1.8% in the UK in the 13 weeks to December 29, including a bigger-than-expected slump in general merchandise of 3.8%.
Mr Bolland said that a new management team, which includes ex-Jaeger boss Belinda Earl, needed more time to address the turnaround plan.
Shore Capital analyst Clive Black said: "It is clear that pressure is rising on the new management ... and an improvement ... is necessary for shareholders' confidence to be bolstered."
The results come in contrast to other retail giants Next and John Lewis which reported strong sales growth over the festive period.