M&S shares surge 3% despite fall in clothing sales

Steve Rowe, the new head of British retailer Marks and Spencer yesterday conceded he had his work cut out to end five years of almost constant falls in clothing sales after the firm suffered another quarterly decline.

Nonetheless, the company’s shares rose 3% as investors put their trust in the new CEO.

Mr Rowe, a company veteran of 26 years, succeeded Marc Bolland , taking on arguably the most high-profile job in British retail. He moved up from the role he took only last July as head of the troubled clothing and home division.