UK-based retailer Marks & Spencer has suffered a 22 per cent share reduction today (2 July) following the revelation that the group had experienced falls in sales across the business during the second quarter period ended 28 June 2008.

In a company statement, Marks & Spencer said that overall like-for-like UK sales dropped by 5.3 per cent during the period, with food down by 4.5 per cent and general merchandise sales falling 6.2 per cent.

The sales drop in the food section has led to the removal of Steve Esom from his role as director in charge of food, to be replaced by John Dixon, currently director of home sales and the internet business M&S Direct.

'We need horses for courses. He came into the business at a time when we were in a different position,' said Marks & Spencer executive chairman Sir Stuart Rose, explaining the decision to replace Mr Esom. 'We had to make a difficult decision. It is unfortunate, but he will not be with us any more.'