Marks & Spencer (M&S) will hold a 20% off everything sale on Thursday (20 November) as it looks to rejuvenate flagging sales.
The one-day promotion is the first the retailer has held in over three years and follows a similar move by Debenhams.
M&S this month reported a profit drop of 34% for the six months to the end of September.
Analysts said that the move proves M&S is going to be one of the firms worst hit by the recession.
Seymour Pierce analyst Freddie George said: “Christmas 2008 has the feel of being the worst retailing Christmas for many years – more for the higher level of discount activity.”
Wine and Christmas food items are set to be included in the promotion.
Following the poor half-year results, M&S said that it could ditch some of the celebrity models its uses for television advertisements.
