Sales down at M&S

Retail giant Marks & Spencer today reported worsening sales as consumer confidence “deteriorated markedly” in the first three months of its financial year.

Overall UK like-for-like sales fell 5.3% in the 13 weeks to June 28 amid the tough high street conditions.

M&S posted profits of £1bn (€1.26bn) last year but chief executive Sir Stuart Rose said: “At our preliminary results in May, we reported a mixed start to our 2008/9 financial year and expressed caution about consumer sentiment.

“Since then, consumer confidence levels have deteriorated markedly and market conditions have become more challenging.”

The director of M&S’s food business, Steven Esom, is also leaving the business with “immediate effect”, the group said.