Losing Marks

Marks & Spencer shoppers. Photograph: David Sillitoe

Today's news from Marks & Spencer could have been worse. True, profits at the company that was once top dog on Britain's high street dropped 19% last year to £618.5m. But there was no profit warning to follow January's, so the company's share price enjoyed a 1.6% bounce to 342.25p.

M&S did not provide information on sales figures since April 2, the start of its financial year, which is what investors and analysts really wanted know about. However, Stuart Rose, who was appointed chief executive nearly a year ago, dismissed as "wild" media reports suggesting the sales decline was spiralling towards 10%.

This is the big problem for Mr Rose, who spoke to the press in a £124 M&S suit that included matching pink socks and silk tie. He can cut costs through job reductions and improve purchasing terms with suppliers, but unless he can bring back shoppers to M&S he is on a hiding to nothing.