British retailer Marks & Spencer on Tuesday reported a 3.6-percent gain in annual net earnings but voiced caution on its prospects in light of expected government austerity measures.
The company said profit in the 53 weeks to April 3 came to 536.3 million pounds (610 million euros, 750 million dollars) from sales that rose 5.2 percent to 9.537 billion pounds.
In the 52 weeks to March 27 sales gained 3.2 percent to 9.3 billion pounds.
"We have had a satisfactiory start to the first quarter," said chairman Stuart Rose.
But he added that consumers were "naturally cautious" ahead of the release of the British budget on June 22.
"We therefore remain cautious about the outlook for the year ahead," Rose said in a statement.
Britain's new coaliton government of Conservtives and Liberal Democrats on Monday presented plans to cut 6.2 billion pounds from ministerial budgets, seen as a foretaste of tougher measures to come.
Economists here are talking of possible tax hikes that could discourage consumer spending.
Marks and Spencer said earnings before taxes and exceptional items in the 52 weeks to March 27 rose 4.6 percent to 632.5 billion pounds, eclipsing company expectations of a range of 620-630 million pounds.
Debt in the period was cut back by 422.4 million pounds to 2.1 billion.
The dividend was lowered to 15 pence per share from 15.7 while employees shared bonuses totalling 81 million pounds.
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