Shares in Marks and Spencer fell 13.25p to close on 385.75p yesterday following an attack on the retailer's strategy by analysts at Credit Suisse.

In a note titled 'time to get real', retail analyst Tony Shiret criticised M&S for moving too downmarket and urged M&S to review whether its overseas expansion could succeed before rushing into an opening programme, according to The Times.

“We strongly feel that a lot of the issues currently facing investors have arisen because Stuart Rose has not been effectively challenged on his strategic decision,” Shiret wrote.

“The strategy is clearly at best challenged and at worst failed, and as such we do not agree with the company's policy of buying back shares to enhance short-term earnings.”