Do not make the mistake of seeing M&S first drop in profits for three years as significant.
The drop is due to "one-offs" such as property investments and pension costs, not the store's performance.
The real story is the revenue prediction u-turn.
Expectations have been downgraded from £2.5 billion to £1.7 billion. This reflects the bashing this company thinks consumers will be taking. As the wider economy continues to flounder, consumer confidence and spending will be squeezed.
When I first heard the result this morning I thought it sounded bad for M&S and its investors.
But the truth is worse: it's bad for us all.