Marc Bolland won some breathing space thanks to a Christmas trading period that showed signs of life in M&S’s all-important clothing business.
Now he has to prove what has been going on under the bonnet for the last three years — souping up the supply chain, opening a new distribution centre at Castle Donington in Leicestershire and taking back control of its web sales from Amazon — will set the retailer up for the long term.
Investors can cope with shrinking profits for now if the promise of growing margins and higher dividends blossom like a prize winner at the Chelsea Flower Show. Much of that is achievable as capital expenditure retreats.
From hereon in, Bolland has fewer excuses and must preside over a better sales performance. Food is reliably strong; clothing much less so, although the fashion press are getting more excited about M&S ranges. You feel the Dutchman is up for the challenge — and the City still gives him the benefit of the doubt.