M&S boss: Clothing results 'not satisfactory'

Marc Bolland, Marks & Spencer chief executive, said the company's clothing results were "not yet satisfactory":

Our Food business has performed very well with record sales over the key Christmas trading period.

Our General Merchandise performance is not yet satisfactory but we are confident that the steps being taken by the new management team will address this.

Our plan is to transform Marks & Spencer from a traditional UK retailer to an international multi-channel retailer. We are making good progress against this plan.

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Marks & Spencer clothing slump

Leaked Marks & Spencer results revealed a bigger-than-expected slump in clothing sales over Christmas. Non-food sales at the retail bellwether were down 3.8%, in the 13 weeks to December 29, pushing overall like-for-like UK sales down 1.8%.