The retailer has made several key changes over the period, hiring executives including chief digital and data officer Jeremy Pee and former Sainsbury’s chief executive Justin King as a non-executive director to bolster its leadership and creating a joint venture with Ocado, which has dominated headlines in recent weeks.

But one of the most interesting aspects of today’s results was its plan to make the most of its store estate. M&S has been adapting its portfolio – it is closing around 110 clothing and home stores over the next four years – but still has 1,035 stores in the UK.

It is now focused on unlocking the power of its stores, whether by updating them or devolving more power to in-store colleagues.