Tough times as M&S clothes sales slide for 12th successive quarter

Sliding profits may have been on shareholders’ minds when they gathered for Marks & Spencer’s AGM yesterday, but many seemed just as concerned with the issues of plunging necklines and comfortable slippers.

Chairman Robert Swannell was given the task of handling a colourful array of questions from small investors after the retailer unveiled a 12th successive quarter of sliding sales in its general merchandise (GM) division. It was also the first AGM to be held since the group revealed its third year in a row of falling yearly profits.

But Mr Swannell appeared to win over many at the meeting at Wembley Stadium with a frank admission the group must do better.