The 114 year old bastion of retail reported like for like general merchandise sales, responsible for clothing and homewares decreased 6.4 percent in the 13 weeks to September 27.

These decreasing values much followed expectations dictated by a Reuters poll of 10 analysts who previously forecasted an anticipated 6.4 percent fall. Traders at Marks and Spencer predicted shares would possibly open up by between 3.5 and 6 percent, having closed at 210.25 pence on Wednesday.

The stock has plummeted over two thirds within the previous 18 months and was slaughtered following a severe profit warning reported in July as the Group stated it was bearing a consumer downturn enduring the current economic climate.

"Consumer confidence remains fragile and the retail environment unpredictable," said Chairman Sir Stuart Rose. "Consumers are increasingly cautious about their budgets."

Marks and Sparks possesses over 600 British stores with an astonishing 21 million plus footfall passing through on a weekly basis have said they had taken promotions up a notch and as a result forecasted gross profitability margins to descend 100 basis points this financial year.

Amongst the negative speculation, dividends may be forced to adjourn, M&S are also looking to restrict its capital spending to 700 million pounds opposed to its previous budgets of 800 to 900 million and will reduce this further to 400 million in the following year by reining profits.

The group also said it was bearing down on costs and now expected operating cost growth of 4 to 5 percent this financial year, versus its previous guidance of 7 percent.

The group has also strategized a reduction on costs, expecting operational cost growth of 4 to 5 percent this financial year against its previous estimation of 7 percent.

As analysts depreciated profit predictions ahead of the trading update M&S experienced its worst low over 7and a half years of 191.9 pence. The average forecast as depicted by analysts at Reuters Estimates is currently estimated at 685 million pounds, over one billion pounds less than at the start of the year.