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Marks & Spencer cautious on sales

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Marks & Spencer cautious on sales

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Britain’s biggest clothing retailer Marks & Spencer has said it is cautious about the consumer outlook despite posting a third consecutive rise in underlying quarterly sales.

Sales at UK stores open at least a year rose 3.6 percent in the 13 weeks up to the start of July.

M&S, which also sells food and housewares, is viewed as a good indicator of the state of British retailing.

Britain’s retailers are concerned that higher taxes, including a rise in VAT sales tax, and public spending cuts aimed at slashing record government borrowing will hit consumer spending in the months ahead.