Against this somewhat gloomy backdrop and current situation we believe that M&S has toughed it out reasonably well. Whilst trading momentum for 2011/12 was far from stellar, the business performed robustly in clothing and general merchandising, given market conditions, while the food business did well to outperform a tough sector.
The glamorous grans remain the key battleground for Marks and Spencer
M&S profits drop is not significant: the real news is their profit prediction u-turn. They don't see consumer confidence returning soon.
M&S announce their first fall in profits in three years. Will the CEO follow the example of Tesco boss Philip Clarke and waive his bonus?