STRUGGLING retailer Marks & Spencer said it had suffered a tough summer as it revealed details of a £2.3bn share buyback.

The group, which has fought off a £9.1bn takeover bid by retail tycoon Philip Green, said sales of core womenswear, lingerie and childrenswear ranges were poor during a difficult two to three months for the clothing business.

It said sales of homeware had been weak, with its products being too contemporary for its customers, and the group's food business had also suffered.

But M&S said it was confident that action already taken and future measures would put it on track for a sustained recovery.

In particular, M&S said it believed its planned share buyback would speed up earnings growth and create value for investors.

The group plans to return £2.3bn to shareholders in a tender offer with a price range of between 332p and 380p a share.

The bottom of the range was below the 370p a share that analysts had expected.

It represents a possible 3.9 per cent discount on yesterday's closing price of 345p.

However, new chief executive Stuart Rose said he believed the rate was appropriate and reflected all factors, including the difficult trading conditions.

Mr Rose said it had been a "rather funny summer", with Mr Green's bid not helping.

But he said he was optimistic that the group's turnaround strategy, which includes renegotiated supply agreements, the purchase of clothing brand per una by the end of next month and the proposed sale of M&S Money by the end of this year, would bear fruit.

Mr Rose's strategy to turnaround the flagging sales included the closure of the flagship M&S Lifestore in Gateshead.