While the circumstances of the pair’s investor sessions are very different, it will likely be the similarities in their presentations that dictate the reaction.

Sainsbury’s meeting this week came after what the grocer dreamed would be a transformational moment, a merger with Asda, evaporated when the competition authorities gave the deal a thumbs-down.

Where next was the question, as JS reached what seemed like an existential fork in the road.

M&S meanwhile, seems to have taken one step forward and two back, year after year.