So far so good for Marc Bolland. While the Marks & Spencer chief executive revealed a fall in first-half profits this week, the overall performance was in line with analysts’ expectations and most onlookers breathed a sigh of relief.

So far so good for Marc Bolland. While the Marks & Spencer chief executive revealed a fall in first-half profits this week, the overall performance was in line with analysts’ expectations and most onlookers breathed a sigh of relief.

Bolland’s strategy – to transform M&S into an international multichannel retailer – seems to be making progress.

M&S Direct sales were up 11.7% in the first half. Laura Wade-Gery, the former Tesco executive, joined in July as executive director of multichannel ecommerce. The appointment was a coup for M&S, and we can expect innovative moves in the area ian the coming months.

Although the international performance disappointed analysts, Bolland is confident the brand can travel and insists that the strategy to extend the retailer’s franchise overseas on the UK is the right one. India is a key emerging market, as well as Shanghai, and Marks & Spencer’s ambitious flagship on the Champs-Elysées will open in time for Christmas.

Bolland is also keen to offer M&S customers more exclusive product, which is reflected in the launch of new international food brands and the new home ranges that include designs from Sir Terence Conran.

Looking ahead to Christmas, the Dutch M&S boss is in optimistic mood, declaring M&S has a “very exciting Christmas product offer” and is well set up for the golden quarter.

However, the M&S Christmas ad, which launched last weekend, has come in for some stick for its link with the tired-looking X Factor. But Bolland stands firm, insisting the tie-up with the Saturday night family TV show fits in with the brand and its popular ‘Dine in for £10’ offer.

While Bolland may be feeling bullish about Christmas, there is no getting away from the fact that the interim numbers were travelling in the wrong direction. And if M&S is finding trading conditions tough, there may be a distinct lack of Christmas cheer among retailers generally as the crucial festive trading period gets going.

  • Nicola Harrison is acting news editor of Retail Week