Marks & Spencer is in the firing line after announcing yet another overall sales fall, although its food performance is up by 5 per cent.
Overall like-for-like sales slipped 5.4 per cent in the 14 weeks to 9 July, following a 6.3 per cent fall in the previous three months and a 5.1 per cent fall for the year.
While clothing sales dropped by a considerable 9.2 per cent, food sales picked up slightly with a 0.7 per cent like-for-like rise.
However, the news has left investor angry with chief executive Stuart Rose’s failure to arrest the businesses decline.
Falling clothing sales is reported to have pushed turnover 11.2 per cent lower during the period.
"The trading environment continues to be very tough,” Rose said, but he added that margin and cost targets remain unchanged.
