Don't Be This Family

It became the biggest victim of the high street spending crunch as chief executive Sir Stuart Rose revealed that his tills took 2.2% less than in the same quarter last year. City analysts said the drop in sales, which was far worse than expected, was 'nothing short of unacceptable'.

The shares immediately plummeted 18%, dropping 89p to 414.5p. It was the biggest one-day fall in M&S's share price for 19 years. M&S said sales of its non-food lines - mainly women's clothing - were down 3.2%, while food was 1.5% lower than at Christmas 2006.

Analysts said they were particularly shocked by the sliding food takings. It is a major blow for Sir Stuart's reputation as one of retail's most skillful bosses and the first time that the company has suffered a quarterly sales fall for more than two years. read more