On the spot: M&S chief not cowed by gloomy figures
The profits may have plummeted, the sales may be falling, but nothing it seems can dampen the enthusiasm of Marks & Spencer chief executive Stuart Rose.

This morning's preliminary results were bad, although no great surprise, but anyone thinking Rose might be tiring of his mission to turn around the ailing high street giant would have left his results press conference this morning.

In a manner not unlike Paul Daniels pulling rabbits out of a hat, Rose produced a flurry of cut-price clothing and appliances from the podium, aiming to demonstrate what great value M&S has become.

'This kettle:£9.50. Toaster:£9.50. Three stainless steel saucepans:£9.50,' he belted out, in a style which wouldn't have been out of place on nearby Petticoat Lane market. He used a similar approach to demonstrate the quality and value of M&S's schoolwear: 'You could kit them out cheaper elsewhere, but your kids will still be wearing ours at the end of term.'

It wasn't all street market bluster. Rose, flanked by the contrastingly studious figure of IT, logistics and property director Charles Wilson, outlined a raft of plans to simplify and improve ranges and to modernise the store offer.

It was a polished performance and Rose left no one in any doubt that he's up for the challenge. The poor figures show, however, what an enormous challenge it is.