Rose relief as M&S is down but not out

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Although sales in the 13 weeks to 27 September fell 6.1%, this was slightly better than the City expected.

Sir Stuart said he is dealing with "unprecedented" conditions.

"Consumer confidence is fragile and the retail environment unpredictable."

Food sales are down 5.9% while general merchandise fell 6.4%. Full-year profits will tumble from the £1 billion recorded this year, perhaps by half, but Sir Stuart insists today's statement did not amount to a profits warning.

The shares, down from a year high of 653p, rose 11½ to 221¾ on the news.

Some say M&S falls between two stools: its budget offering is not cheap enough and its high-end gear is not appealing enough.

"I don't agree we can't win," said Sir Stuart. "We are the broadest church in the land. By definition we have to offer things to people at both ends the spectrum. We can take on the likes of Tesco or Primark."

Rose faced a storm of protest when he moved up from chief executive to executive chairman in July, with investors demanding better succession planning from M&S.

Asked if he thought the complaints about the move were overdone, he replied: "I wouldn't say it was a fuss about nothing, but you have to put it in perspective. We said we would need experience. We are fighting very difficult times."

M&S is slashing costs. Capital spending will be £700 million this year, down from a possible £900 million.