Marks & Spencer believe they are on target to deliver full year profits in line with forecasts in May but have disappointed analysts with results for Q1 2012 now.

Food sales were up by 1% but like for like sales fell overall by 0.7% against general expectations of an increase in sales of around 0.8%. Sales of general merchandise for the period declined by 2.8%.

The shares that have gained 17% this year, gave up 3% on this news at the Footsie opening Tuesday.