To emphasise how tough the high street has become, Marks and Spencers have produced profits that are down by 1.5% to £705 million for the year to March, from 2011 figures of £714 million.

Sales in the UK were up by 1.5%, with overseas branches contributing £1.6 billion in sales, over 5% higher than the year before.

M&S hope to increase it's overseas presence substantially with plans to expand the number of branches by 100 per year.

The figures were in fact at the higher end of market expectations, although they were the first drop in profits for three years and the share price opened flat in a market that has opened up 1.% higher, following a period of global equity selling.