Pressure is continuing to build on Marks & Spencer chairman Luc Vandevelde and chief executive Roger Holmes, as the City awaits disappointing fourth-quarter sales figures later this week.

Poor Christmas trading figures left M&S needing a strong end to the year to appease its critics, but forecasts are modest and also qualified by negative comments about structure and leadership.

The City would like to see annual sales of around £8.24 billion and profits of £760 million, according to one Sunday newspaper. But based on home and food sales, there is little confidence that M&S will deliver. JP Morgan analysts have already warned that results that fail to match its forecasts will only increase "concerns over structural problems".

A "senior retailer" has been quoted as saying: "You can stand a part-time chairman if the ceo knows what he is doing. The busines is past tinkering with. It needs someone to deal with the fundamentals."

Topics