We need to extend in food, home and beauty as well as financial services' An extended food operation is to be the lynchpin of M&S's recovery strategy. Chief executive and chairman Luc Vandevelde said: "Food is the best example of where we are harnessing strategic strengths to deliver results." M&S is looking at distribution and availability of food across its estate in a bid to achieve "pockets of success" by next year, he said. It is continuing to focus on quality and the launch of innovative convenience lines, such as Steam Cuisine'. Vandevelde said: "Clothing is not a booming market. We need to extend in food, home and beauty, as well as financial services." New 10,000 sq ft food-only stores in Glasgow and Sale have met with "a very positive reaction". They bring the portfolio of food-only stores up to 20. Trials of a 3,000 sq ft c-store format will start in Surbiton and Twickenham in July as M&S closes larger stores once owned by Littlewoods. The pilot stores will carry sandwiches and top-up items. As Vandevelde announced preliminary results, he revealed he planned to step down as chief executive of M&S, concentrating instead on his other role as chairman. The hunt is on for his replacement. And Vandevelde said he would make a complete departure if performance had not picked up by next year. Group profit for the year to March was down 7% to £480.9m on sales down 1% to £8076m. Food sales were up 3.7% (2.6% like for like). - M&S plans to license out its brand name to third parties across Europe and enter sub branding agreements in the UK. {{NEWS }}

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