Marks & Spencer suffers largest fall in clothing sales for decade

Marks & Spencer suffered its biggest fall in quarterly clothing sales since 2005 as a decision by new boss Steve Rowe to cut prices and offer fewer promotions took its toll on the British retailer.

M&S said consumer confidence waned in the run up to Britain’s EU referendum last month but said it was too early to judge the implications of the Brexit vote and stuck to its financial guidance for the 2016-17 year.

“We’re operating in uncertain times, consumer confidence weakened in the run-up to the EU referendum and remains fragile,” chief executive Mr Rowe told reporters, adding he had not noted a further downturn in demand in response to the Brexit vote on June 23.