It remains Britain's biggest clothing retailer and saw £10 billion in turnover and group sales rise in tough times. So what is wrong at M&S?
M&S has reported disappointing financial results. UK non-food sales are down almost 7% and the biggest problems are in clothing.
The glamorous grans remain the key battleground for Marks and Spencer
We requested your response to Marks & Spencer's fall profits on our Facebook page, asking has the once High Street favourite lost its shine?
Many of the responses suggested the retailer's pricing was deterring customers.
Clive Templar said "items are far too expensive", while Steve Smith urged the shop to "lower your prices".
It seems few of you were surprised that M&S would suffer a significant slump in clothing sales, while seeing food sales rise.
"Foods nice," Vanessa Ashton said, but added that she "can get nicer, cheaper, good fitting clothes from lots of other stores!"
Margaret Fenwick agreed that the firm had lost clothing customers to other shops, blaming "cheaper quality and inferior goods".
Louise Linter said she preferred M&S when it "sold more classic styles".
However, there was still support for the traditional retailer.
Colin Smith said he would definitely continue to shop at a "great British institution" while Simon Jobson said: "I do love the food there."
Full-year profits at Marks & Spencer fell to £665 million, their lowest level in four years, the retailer announced.
Marks & Spencer sales grew by 1.3% in a "challenging market" in the year to March 2013, the company announced.
But like-for-like UK sales fell by 1%, with general merchandise down 4.1%.
Their food division did better, improving by 1.7%.
Jasmine Birtles, a financial expert, spoke to ITV Daybreak about the Marks and Spencer clothing sales slump which was announced yesterday.
She said Marks and Spencer have been designing for a woman that "ceases to exist" for a number of years.
Marks and Spencer have revealed a bigger than expected sales slump in clothes over Christmas.
It comes just a day after high street retailer Jessops announced 2,000 jobs are at risk after going into administration.
In contrast, retail giants John Lewis and Next reported strong sales growth over the Christmas period.
The M&S group said that it was cautious about the year ahead, with continued pressure on consumers' disposable incomes.
Marc Bolland, Marks & Spencer chief executive, said the company's clothing results were "not yet satisfactory":
Our Food business has performed very well with record sales over the key Christmas trading period.
Our General Merchandise performance is not yet satisfactory but we are confident that the steps being taken by the new management team will address this.
Our plan is to transform Marks & Spencer from a traditional UK retailer to an international multi-channel retailer. We are making good progress against this plan.
Marks & Spencer has reported a 1.8% drop in like for like UK sales, despite record food sales over Christmas.
Like for like sales, which excludes new store openings, for the 13 weeks leading up to December 29 were as follows:
- UK sales: fell by 1.8%
- Food: rose by 0.3%
- General Merchandise: fell by 3.8%
Total UK sales, which includes new store openings, for the 13 weeks leading up to December 29 were:
- UK sales: rose by 0.3%
- Food: rose by 2.7%
- General Merchandise: fell by 2.2%
Marks & Spencer today announced plans to open 28 bank branches by the end of the year, as its first current accounts went live.
The retail giant, which has so far opened 13 bank branches out of the 16 locations which have already been confirmed, unveiled a further list of 12 branches planned by the end of 2012.
They will open in London Colney, Hertfordshire; Braehead, Renfrewshire; Oxford; Merry Hill, Dudley; Milton Keynes; Cheshire Oaks, Cheshire; Camberley, Surrey; Norwich; White City, London; Exeter; Shoreham, Kent; and Lisburn, Belfast.
If you want a health check on Britains retail trade -take the temperature of M&S. Things are bad, with the the worst profits for years reported today and the main problem being in clothing...especially women's.
Not since the start of the credit crunch in 2008 have things looked this grim for M&S. Yet many of it's rivals continue to report sales rises. Today the British Retail Consortium said there has been overall sales growth of 0.1% up to June.
To compound its problems, last month M&S lost its crown as the most highly valued clothing retailer, to Next. All of which suggests here is a particular problem at the chain.
Look out for our reports on ITV News as we pinpoint what is wrong.