Rowe has work cut out to make M&S great again

“We will begin by focusing on the core UK business. For our customers this means that in clothing we will improve our core M&S ranges, so that the unique quality, style and fashion of the M&S brand stand out."

The determined words of the new Marks & Spencer (Other OTC: MAKSF - news) chief executive, plotting a revival of Britain's most closely watched high street brand.

But this is not the utterance of Steve Rowe, in charge of M&S since April this year; rather, it was a pledge made by his predecessor, Marc Bolland, setting out his vision for the brand exactly six years ago.

Like many M&S bosses before him, Mr Bolland found the going tough - and if today's half-year results are a logical yardstick, the chances are that Mr Rowe will too.

Pessimists would be forgiven for interpreting his announcement as an attempt to manage decline.

:: M&S to close dozens of stores as half-year profits tumble by 88%

After a "forensic" review of its business, the new boss has confirmed that 30 UK clothing stores and more than 50 overseas outlets will close, with dozens more in its home market being repositioned from general shops to food-only ones.

The short-term reasons are understandable: despite an improvement in clothing margins over the last 18 months, critics of M&S's fashion business say it has failed to deliver consistently affordable, attractive product to its core female customer base.

The depreciation of sterling has eroded the potential margin gain this year, while the headline figure of total clothing and home sales declining by 5.3% in the half-year to October 1 tells its own story.

Looming inflation - flagged by rivals including Lord Wolfson, the boss of Next (EUREX: NXTJ.EX - news) - presents another headache for Mr Rowe.

And realistically, without a permanent clothing boss in place, its sales performance is likely to get worse before it gets better.

Mr Rowe is, however, determined to present a picture of M&S's future as one of growth potential.

He has reiterated plans to open another 200 Simply Food stores by the end of its 2018-19 financial year.

Even (Taiwan OTC: 6436.TWO - news) there, though, the picture isn't one of unmitigated promise.

Like-for-like food sales fell by 0.9% in the first half, suggesting that price-sensitive consumers are also looking elsewhere for their discretionary shop.

Against this backdrop, Mr Rowe has probably done the sensible thing and warned the City that his turnaround programme is going to cost up to £200m to exit some of its overseas businesses, as well as £350m to implement the changes in its UK operations.

Given this rash of worrying news, M&S is warning about cash returns to shareholders in the second half of the year.

Unpredictable and disappointing: M&S's dividend policy is in danger of resembling a too-long narrative of womenswear ranges.

Mr Rowe has his work cut out if his tenure is to turn out better than his predecessor's.