M&S is missing out on a lot of profit, but it seems like the loss in revenue is entirely the fault of the fashion house. If they could pick a unifying theme and stick with it, they could probably build a much more loyal base, which would then earn them more cash, right?

Ask people what they buy in Marks & Spencer and they'll give you two answers: pants and Percy Pigs. These are not bad USPs to have conquered; people will always need underwear and treats. But in a business of this size – a business once built upon the universal appeal and timelessness of its fashion line – they don't add up to huge profits.

So much is obvious from today's announcement that Marks has suffered a seventh consecutive fall in profits where clothing is concerned (although food sales continue to rise, thanks Percy) – a 3.8% drop in like-for-like sales this quarter. Knickers, you might say. Read More