Marks & Spencer's outgoing chairman Sir Stuart Rose has begun selling his stake in the food and clothes retailer.
Sir Stuart, who is to be replaced by former banker Robert Swannell in January, pockets more than £410,000 from the sale of 100,000 shares at 410.7p a time.
He still has more than 1.43m shares in the company.
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The sales comes soon after M&S's interim results, which saw new chief executive Marc Bolland unveiling his strategy for the company.
He wants to shift the company's focus back to the UK, with the aim of becoming the UK's leading multi-channel retailer by 2013/14.
'Instead of 'planting flags' we aim to build a leadership position in priority markets,' he said.
'We have already built a strong presence in markets like Turkey and the Czech Republic by opening a flagship store surrounded by a cluster of smaller, supporting stores. We will continue to build local leadership in core markets in this way.'
Adjusted profit before tax in the 26 weeks to 2 October up 16.9% to £348.6m from £298.3m a year earlier.
Sales were more or less as trailed in the interim management statement, up 5.4% on a year ago at £4,569.7m. UK sales grew 5.6% year on year while international sales climbed 3.8%.
Top Director Buys
Polo Resources Ltd. (DI) (POL) Director name: Mr Stephen R DattelsAmount purchased: 15,000,000 @ 4.98p Value: £747,000
Polo Resources Ltd. (DI) (POL) Director name: Mr Neil Lindsey HerbertAmount purchased: 4,000,000 @ 5.00p Value: £200,000
Amiad Filtration Systems Ltd. (AFS) Director name: Mr Simon Myers OlswangAmount purchased: 5,000 @ 2.10 Value: 10,500
St Ives (SIV) Director name: Mr Mike ButterworthAmount purchased: 11,000 @ 92.00p Value: £10,120
Top Director Sells
Marks & Spencer Group (MKS) Director name: Mr Stuart RoseAmount sold: 100,000 @ 410.70p Value: £410,700
Canaccord Financial Inc. (CF.) Director name: Mr Peter MacLachlan BrownAmount sold: 25,000 @ 713.60p Value: £178,400
Petmin Ltd. (DI) (PTMN) Director name: Mr Bradley B DoigAmount sold: 500,000 @ 28.00p Value: £140,000
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