Marks and Spencer shares plunged following the company’s announcement of disastrous sales figures.

Shares in the company fell to their lowest point for more than a year down 12.5 pence to 264p.

Roger Holmes, the M&S chief executive, said: “I’m not pleased. It’s not good enough. We need to make radical changes. We’ve not move on sufficiently. We now have to use this disappointing performance to accelerate improvements in the business.

Holmes admitted that mistakes had been made in its food business, with not enough low carbohydrate dishes in its “Count on Us” range for those following the Atkins diet. He also said that it had too many old-fashioned flowers and enough contemporary bouquets for Mother’s Day.”

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