MARKS & Spencer’s better-than-expected first quarter performance failed to lift its shares today after a poor session for the wider London market.
The group posted a 3.6% rise in like-for-like sales, but with prospects still uncertain the retail chain’s shares fell back 10.4p to 342.3p, or 3%.
The FTSE 100 Index retreated 44.8 points to 4920.2 after a weak session in Asia following poor US economic data caused the London market to lose some of the 3% rise seen on Tuesday.
As well as the sell-off for M&S, other retailers were impacted by a cautious review of the general retail sector by brokers at Royal Bank of Scotland.
Next fell 43p to 2034p and Burberry dropped 28p to 741p, while Argos owner Home Retail Group shed 3.5p to 219.5p.
Meanwhile, a shortened risers board was topped by BP after the beleaguered oil company continued its recent recovery with a gain of 5.4p to 350.9p.
Outside the top flight, shares in Clinton Cards tumbled 8% after the greetings card firm revised sales and profits expectations in the wake of disappointing trading since May. The company, which had raised its guidance in March, fell 3.25p to 35.5p.