M&S shares slump 9% on longer overhaul

A warning from Marks & Spencer’s new boss of a short-term profit hit from efforts to turn around its clothing business by cutting prices and improving ranges knocked its shares yesterday. 

Steve Rowe, a 26-year M&S veteran, replaced Marc Bolland as chief executive of the 132-year-old UK retailer last month with a remit to revive clothing, which contributes about 60% of profit but has seen five years of falling sales.

Mr Rowe said he would focus on M&S’s most loyal customer, a 50-year-old woman he called “Mrs M&S”, who had been neglected in the chase for younger shoppers.