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ANALYST VIEWS: HOW BAD WERE M&S' full year RESULTS?

<strong>CAROLINE GULLIVER </strong> EXECUTION<br />"The question is whether it can reverse market share losses in womenswear and food and turn the company into a credible international retailer with good growth prospects. Success is not guaranteed and the concern is that it will to cede more share to Next etc."<br /><br /><strong> NICK BUBB </strong> PALI INTERNATIONAL<br />"A dividend cut was priced in, but the market was expecting earnings per share upgrades, which have not transpired, after slightly disappointing 2009-10 guidance and an underwhelming statement. Even after yesterday&rsquo;s dip, the shares still look expensive."<br /><br /><strong> KATHARINE WYNNE </strong> INVESTEC<br />M&amp;S has maintained its capital expenditure, which we believe is critical to the future health of the business. Guidance for 2010 indicates slightly more space than forecast but also indicates gross margin down by 125-175 basis points. We reiterate a &lsquo;sell&rsquo; rating.<br /> <!--EndFragment-->