Stuart Rose was his usual cautious self when Marks & Spencer released its latest trading figures. He avoided the word recovery, even though same-store sales surged 6.8% in the three months to April 1, a much bigger jump than analysts had expected.
Mr Rose rightly pointed out - something also mentioned by Credit Suisse First Boston - that the sales update was somewhat flattered by comparison with the previous weak quarter. For the M&S boss who took over in 2004, the real test will come at Christmas.
There have been false dawns at M&S before. Things perked up after Luc Vandevelde took the helm at M&S in 2000, but the recovery ran out of steam, paving the way for Philip Green's audacious £9bn takeover bid in the summer of 2004.
That was when M&S brought in Mr Rose as part of its attempt to foil Mr Green, the owner of Bhs, who offered 400p a share.
Though Mr Rose has warned against over-optimism, investors have given their verdict. Shares in M&S soared today to £588.08p, a 4.2% rise. So far so good for Mr Rose, who has more than delivered for M&S shareholders who were asked to hitch their fortunes to Mr Rose rather than Mr Green.
It is also heartening to see Mr Rose share the company's success with employees in the form of a £70m bonus, which will be distributed to 63,000 staff. What better way to boost morale and reward those on the shop floor who have had to endure a ton of negative comments over the years?
An advertising campaign featuring the Sixties model, Twiggy, was a shrewd move in helping to shed M&S's dowdy image in fashion, while price cuts on everything from T-shirts to jeans and better stock management have also helped in the turnaround.
Mr Rose's success so far and that of Sainsbury's, which has also bounced back, show that decline is not terminal. But the M&S boss shows no signs of complacency.
"The market is extremely tough and we are having to fight for every penny we are making," Mr Rose said. "I would like to be able to call a recovery but we are in a long-term business."
