British retailer Marks & Spencer has today announced some of its worst trading results in the past decade - and high-profile head of  general merchandise (non-food) commerce Kate Bostock will now depart the company this October as a result.


With total sales down 5.1% and like-for-like sales down 6.8%, only M&S Food division really succeeding - up at 2.9%. Shares in M&S, which has more than 700 stores, have fallen about 15% since March giving it a market cap - the total value of all shares - of £5.19 billion.

The quarter 1 results come as a prelude to today's annual meeting with the shareholders of M&S, where heavy criticism is expected over big salaries and celebrity-led (Gary Barlow et al) adverts failing to spark public imagination - noticeably in sales of women's clothing. The shareholders' fury over pay is largely directed at controversial chief executive Marc Bolland, whose basic annual package rose by 4% last year to £1.7 million and could reportedly collect up to £6 million via bonuses and long-term incentives.
"Shareholders are with us very clearly in terms of our international strategy," Mr. Bolland said. "We won't be blown off course by one quarter. It's not about managing quarters; it's about managing this company for the long run and shareholders support us."
With a shake-up inevitable after recent struggles, Kate Bostock has been moved on in an effort to appease shareholders. Reportedly joining online clothing store ASOS, Bostock will leave by "mutual consent to pursue other interests" on 1st October, when she will also leave the M&S board.
"These changes were quite planned for," Chief Executive Marc Bolland said on a call with journalists. "We want a fresh team in place and Kate was looking for a fresh challenge. General Merchandise underperformed in a difficult trading season. We are confident we are taking the necessary steps to address this.”
John Dixon, a 26-year M&S veteran and the group's executive director of food, will replace Bostock. In a move to revitalise M&S's off-pace clothing range, Belinda Earl, a former chief executive of Debenhams and Jaeger, will also join as style director.