Lyric discussion by MrMarvinK 

For those unwilling to accept this is about breasts--or at least sexual shapes, the only time The Smiths performed it live, Morrissey added another verse at the end:

"On the shop floor there's a calendar as obvious as snow as if we didn't know!"

Morrissey always has loved to dart around and drop little bombs that, in and of themselves, lead people strongly to believe he is whatever orientation he wants them to think he is at that time, this song is one of those cases. I agree with MrMarvinK, Morrissey in this song is saying big as shit "I LOVE TITTIES!" and then he turns around and sings songs like "Handsome Devil", "Paint a vulgar picture", "This Charming man"... etc.. he likes to misdirect.

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