11 July 2016 - Janet Bird
Three months after Marks and Spencer's new Chief Executive pledged to breathe new life into the retailer's struggling clothing department, the high street giant has recorded its worst performance in a decade.
Figures released last week show clothing and home sales were down 8.9 percent during the three months to July 2 compared to the same period in 2015.
However, CEO Steve Rowe remains confident his strategy of moving away from promotions and instead reducing prices is the right one. The retailer ran 28 fewer price promotions during the quarter, but cut the prices of 1,000 products.
The changes to M&S pricing policy, which included a decision to delay the start of its summer sale, accounted for half of the 8.9 percent fall in clothing sales.
Pre-European referendum consumer uncertainty and poor weather were also cited as major contributors to the disappointing sales results.