Surprise: M&S has a CEO who knows where the company is going despite £200m loss

Steve Rowe’s plan is concealed behind horribly mangled English but the City quietly applauded even though he’s not yet definitively worked out what the retailer is for, writes James Moore

M&S is set to accelerate its store closure programme (Reuters)

Imagine the chaos if Marks and Spencer boss Steve Rowe were, say, a driving instructor.

“OK, now we’re coming up to a route option variance so gently depress the velocity enhancement reduction foot pedal. No… no… that’s the velocity enhancement activation pedal. OMG we’re going to… um… um… crash!!!!”

Having reported a £201m pre-tax loss and a Covid-created sales slump, Rowe was understandably keen to steer people’s attention to the future with the retailer’s results statement. So there was a big song and dance about how M&S is going to be, um, “never the same again”.