The slowest decline in same-store sales for almost two years is hardly a ringing boast. Yet it does give Sir Stuart Rose some ammunition for when the Marks and Spencer chairman confronts restive shareholders next week. Sunnier weather and a later Easter flattered sales for the quarter to June 27. But M&S gained market share in clothing, and reported a big improvement in food.

The UK’s biggest clothing retailer added that consumer confidence “appears to be stabilising”. That echoed Tuesday’s GfK/NOP survey showing June consumer confidence hit a 14-month high as people felt more positive about their finances – even though official figures confirmed the UK has been suffering its worst slump for 50 years.