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M&S warns of tough year

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M&S warns of tough year

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British retailer Marks & Spencer has warned of a tough year ahead even as it reported better than forecast quarterly sales.

Executive Chairman Stuart Rose said consumer spending will likely be “pretty flat” this year as a newly elected British government reigns in its spending to cut borrowing.

M&S, which is the UK’s biggest clothing retailer and also sells food and housewares, saw sales rise 5.1 percent in the first three months of the year.