Shares in Marks and Spencer fell 18p to finish on 549p yesterday, despite the retailer reporting a 47.6% increase in full-year group pre-tax profit to £745.7m.

M&S also revealed a 3.6% increase in full-year like-for-like food sales to April 1 and a 7% increase in food sales.

However, analysts were concerned about the retailers refurbishment plans.

Analysts at Panmure Gordon said: “Refurbs often have high returns from the first parcel of stores but this tends to fade a refurbs are rolled out.”