M&S boss makes share price pledge

The boss of Marks & Spencer has vowed to return the company’s share price to £4 (€5.70) or admit failure, it was reported today.

Chief executive Stuart Rose said his ambition this year was to “stabilise the plane” after a grim Christmas led the high street giant to warn on profits.

Mr Rose said in an interview with The Sunday Times: “Judge us on whether we get to the magic £4 a share.”

He gave no timescale for the aim but added: “I have to get sales growth. Growth will deliver a higher multiple and hopefully a slap on the back for me.”

He also said he was confident this spring’s clothing ranges were better than last year.

The retailer was brought in to defend M&S from a 400p-a-share takeover bid from billionaire retailer Philip Green last year.

M&S warned on Friday that it was unlikely to muster more than £625m (€896m) in profits this year – far lower than the market consensus of £678m (€972m). Shares in the high street giant rose to 348p as analysts expressed relief that the news was not worse.

Further blows to confidence on the high street have also been delivered by JJB Sports and Iceland owner Big Food, following what one analyst described as “probably the most difficult Christmas for 25 years”.