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The company said sales at UK stores that have been open over 12 months were up 0.8 per cent in the 13 weeks to December 26th, lower than the market forecast of 1.2 per cent.
As a result, shares in the firm fell on the stock market this morning and were down 21.4p at 10:04 GMT, taking them to 383.5p.
Chairman Sir Stuart Rose said that M&S had its "biggest ever Christmas fortnight" in terms of food sales, with over 36 million mince pies being sold.
But he was cautious on the business's prospects for 2010, noting that the current economic situation means trading will "remain challenging".
Kate Calvert, analyst at brokerage Shore Capital, told Reuters that the results were "slightly underwhelming".
"I would say M&S had a respectable Christmas, but not necessarily a sparking Christmas," she remarked.
Posted by Greg Secker
