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Drapers Share Monitor - Slower M&S sales make City nervous

Marks & Spencer's share price was on a rollercoaster this week, soaring before it reported preliminary results but then falling 4.3% on the news.

This week the company also appointed Martha Lane Fox, co-founder of lastminute.com, as a non-executive director, and struck a deal to rent part of a former Sainsbury's store in Merton, south London, from the supermarket group, with similar deals thought to be in the pipeline.

Despite a surge in profits to £965 million for the year to March 31, the share price fell to 703.5p, down 31.5p on the previous week. The slowing rate of sales growth in the fourth quarter was blamed for the decline.

Elsewhere, Next and French Connection both saw their share prices dip despite improving sales messages from their trading updates last week. Next's stock fell 101p to 2300p, while French Connection was down 37p to 225p.

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