Marks & Spencer Fraying at the edges

Over a year into its recovery programme, Marks & Spencer still looks in pretty poor health. Granted, it has managed to stem the decline in its food business. But amidst the retail slowdown that’s hit the UK high street, the group’s clothing and home sales are plummeting. General merchandise like-for-like sales fell by 11% in the first quarter – an even steeper fall than in the quarter before. As ever, M&S isn’t short of excuses. As Stuart Rose, the group’s chief executive, is keen to point out, ...