Marks & Spencer will shock markets this week with a dramatic fall in like-for-like sales, mounting further pressure on beleaguered chairman

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and chief executive, Sir Stuart Rose. Sales are likely to fall by more than 6 per cent and the business is on course to see a third wiped off its year-end profits. Criticism of M&S is increasing in the City.

The retailer’s huge refurbishment and expansion programme – a Shanghai branch will open this week – means its bank borrowings at close to £3bn are catching up with the value of the firm’s prized freehold properties. Some analysts suggest Rose could be forced to leave the firm earlier than his scheduled 2011 departure date, if he does not improve performance, although he is likely to point to atrocious current retail conditions.