"Rowe's five-year plan is no more than a profit stabilisation strategy and (we) see better value elsewhere", Investec's Kate Calvert, who has a "sell" rating on M&S, said.
He said that more customers did their Christmas shopping with Tesco than in the previous year, while the retailer's customer satisfaction scores in Ireland also improved.
Global sales were down 9.8% to £309m.
Lewis is scaling back in general merchandise areas such as entertainment, where customers are turning to digital alternatives, while focusing on categories like clothing.
By contrast, British online fashion retailer Boohoo.com raised its full-year sales forecast after more than doubling its revenue over the same period to the end of December, with strong Black Friday sales.
Here we look at the retail winners and losers.
Tesco announced in a statement this morning that its third-quarter like-for-like (LFL) sales in the United Kingdom and Ireland had grown 2.3 percent.
"Incorporating Palmer & Harvey volumes and complexity during this peak period was challenging, resulting in lost tobacco sales across December and putting further strain into our distribution network, particularly post-Christmas", Lewis said.
As of 08:43 GMT, Tesco's share price had given up 2.88 percent to 205.80p, underperforming the broader United Kingdom market, with the benchmark FTSE 100 index now standing 0.09 percent higher at 7,755.91 points.
In an update to the London Stock Exchange, the company said group non tobacco sales rose by 5.9 per cent with non-tobacco like-for-likes up 6.2 per cent. Morrisons and Co-op were notable performers.
Though the group was up against a much tougher comparison from a year earlier, when clothing sales rose by an impressive 2.3%.
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Wahlberg and Williams are both represented by the same agency, William Morris Endeavor, which has not commented on the report . As per a report by USA Today , Mark Wahlberg's team negotiated a hefty deal after they were approached for sudden re-shoots.
Over Christmas, sales of fresh food brands and the Tesco finest range were particularly strong.
However, competition is intense in the food market, driven by German discount chains Aldi and Lidl, which increased total sales by 15 percent and 16 percent respectively over Christmas.
Steve Rowe, chief executive, said: "We continue with the accelerated transformation programme we outlined in November and have recently taken several important steps to reshape the business for the future".
The store saw like-for-like revenues fall 1.4 percent in the 13 weeks to December 30.
John Lewis chose to maintain competitive prices, saw sales rise but warned that margins would be hit.
Tesco is in the winning camp today with a decent set of figures.
Marks & Spencer shares fell sharply after the retailer blamed a warm October for faltering clothing sales and suffered its fourth consecutive slide in food sales as shoppers hunted for cheaper options.
As ever, the all-important Christmas trading has brought a mixed bag of fortunes for retailers.
The supermarket said it enjoyed "record sales and volumes" in the four weeks leading up to Christmas Day.
Over the wider 19 week period to 6 January 2018 - which includes Tesco's third quarter - United Kingdom sales rose 2.2%.
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