£4-a-share pledge from M&S chief

Marks & Spencer's (M&S) chief executive has vowed to return the group's share price to the £4 level or admit failure.

Stuart Rose made the pledge in an interview with the Sunday Times.

Shares in the high street retailer closed at 348p on Friday, valuing the firm at £5.7bn, the same day as it warned weak sales would hit profits.

Mr Rose was drafted into the company last year as it tried to fend off a 400p-a-share, or £9.1bn, takeover bid from retail entrepreneur Philip Green.

"I have to get sales growth. Growth will deliver a higher multiple and hopefully a slap on the back from me"
Stuart Rose, M&S

"Judge us on whether we get the magic £4 a share," Mr Rose told the newspaper.

However he declined to give a timeframe for the group's shares reaching that level.

Lacklustre sales

"I have to get sales growth. Growth will deliver a higher multiple and hopefully a slap on the back for me."

His comments come days after the retailer warned its annual profits were likely to come in at £600m-£625m, against analyst expectations of about £675m.

Despite unveiling disappointing Christmas sales figures, the group's share price rose on Friday amid hopes that former bidder Philip Green could return with another offer when the Takeover Panel's six month ban on any offers for M&S expires at the end of the month.

However, such an approach may be rebuffed once again.

In another interview - with the Times newspaper on Saturday - Mr Rose said he had been right to rebuff Mr Green's £9.1bn takeover offer last year.

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