Marks & Spencer reported its third consecutive quarter of growth as it begins to maintain momentum post-recession.
The group said UK same-store sales rose 3.6 per cent in its first quarter, with food up 1.5 per cent - results which would have been even higher with the timing of Easter stripped out, according to the retailer.
New ceo Marc Bolland warned that government interference threatened future prosperity. He said: "Following the recent Budget and the actions proposed to reduce the national deficit, including the increase in VAT, we are cautious about the outlook for consumer confidence and spending and continue to manage the business accordingly.”
M&S said the first quarter to 3 July excluded the benefit of Easter timing this year which, when adjusted for, would see like-for-like sales around 0.9 per cent higher - at 4.5 per cent growth.
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