This is how Marks & Spencer is doing with its turnaround plan

M&S, which began life in Leeds back in 1884, is in the middle of a turnaround plan after seeing its sales fall in recent years.

The retailer announced earlier this year that three of its stores in Yorkshire would be shuttered as part of a wider cull of retail space.

Stores in Bridlington and Keighley were among the casualties.

CEO Steve Rowe said: “We are deep into the first phase of our transformation programme and continue to make good progress restoring the basics and fixing many of the legacy issues we face.

“As I have said, at this stage we are judging ourselves as much by the pace of change as by the trading outcomes and change will accelerate in the year ahead.”

M&S said its food business is showing signs of progress in arresting the decline in like-for-like revenue.

UK food revenue declined 0.6 per cent, with like-for-like revenue down 2.3 per cent reflecting the adverse impact of Easter timing in both quarter one and quarter four.

The retailer said its attempt to reshape its store portfolio was progressing with 26 full-line stores closed and 48 new store openings in the year.

Mr Rowe said: “Whilst there are green shoots, we have not been consistent in our delivery in a number of areas of the business.

“M&S is changing faster than at any time in my career - substantial changes across the business to our processes, ranges and operations and this has constrained this year’s performance, particularly in clothing and home.

“However, we remain on track with our transformation and are now well on the road to making M&S special again.”