Retail: Dive in M&S profits could cost Rose his job, say analysts

Pressure is mounting on Marks & Spencer's chairman, Sir Stuart Rose, ahead of next week's annual shareholders meeting, with analysts openly speculating on whether the man credited with turning the M&S business around might be forced to step down after this week's dire trading statement and profit warning. One leading retail analyst said there was "a 40% chance" that Rose would be ousted, while a high-profile financial spread-betting firm has opened a book on who will get his job. The 5/2 favourite is Justin King, the chief executive of Sainsbury's, who previously ran M&S food. M&S's upmarket grocery rivals poured cold water on Rose's explanation of the downturn in the food business. M&S's recent food sales were down 4.5% on 2007 despite rising prices and the M&S boss blamed the economic downturn for the bulk of the decline.... [read full story]