London, May 11 - Stuart Rose, chief executive of British retailer Marks and Spencer, will face tough questions when he takes to the stage at the company's annual results event on May 20.
In past years he's experienced a level of adulation more usually reserved for entertainment stars.
But while investors and analysts once rushed to congratulate him on the turnaround of the storied chain and laughed readily at his presentation patter, together with the invariable reference to his wearing only M&S apparel right down to his underwear, times have changed.
In only a few months, the sheen has come off the British retail sector's shiniest turnaround, hurt by the worsening consumer downturn and a corporate governance row.
Rose's fans aren't dismissing his prospects of winning through just yet. But many think he faces an uphill struggle:
"Stuart has tons of experience in business at tough times, I wouldn't write him off but it is a challenge," said Lorna Hall executive editor of British apparel industry bible Drapers.
Rose, 59, has all the retail industry experience one might wish for. He joined M&S as a management trainee in 1972, leaving for the Burton Group in 1989 and returning as M&S CEO in 2004 after stints as chief executive of catalogue retailer Argos, cash-and-carry chain Booker and clothing group Arcadia.
Parachuted into M&S in a crisis, Rose fought off a hostile takeover approach from Topshop owner Philip Green and went on to stage a feted turnaround, helped by a multi-million pound advertising campaign and a cultish ability to rally staff.
But his vast experience in the sector may not be enough. Weakening shopper morale due to rising living costs, in particular among over-30s women, the demographic group long seen as the M&S heartland, has introduced doubts about a sustained recovery at Britain's largest clothing retailer. The company posted its worst quarterly performance in two years in January and doubts were fuelled by a drop in like-for-like first-quarter sales at rival Next last week.
Tony Shiret, an influential retail industry analyst at Credit Suisse, is one of the doubters. In a note published this week he said it was "time to get real" about the prospects for the 125-year old brand ahead of its annual results on May 20.
Shiret slashed his forecast for M&S annual profits for the next two years and said he expected profits for 2007/08 to come in at 992.7 million pounds ($1.94 billion) before falling an estimated 16 percent the following year as the consumer downturn bites.
As if the downturn in analyst sentiment were not enough, Rose has also stirred anger in the City by flouting corporate governance best practice with his appointment as executive chairman until 2011, a step in part triggered by his failure so far to identify a successor as chief executive.
M&S spokespeople say they have nothing to add to the row beyond a 5-page letter the company sent to shareholders in April explaining that the decision was taken partly to ensure stability during a difficult trading period. But the debate is likely to rumble on at least until the annual general meeting on July 9.
Despite the rows, however, Rose still has his backers. Job Curtis at Henderson and manager of the 692 million-pound City of London investment trust, is one fund manager who said he is still "certainly a supporter".
"I think he's been very good since he joined M&S," Henderson said. "And ultimately shareholders don't run the company. He's there to run Marks & Spencer."