Marks & Spencer has warned of tough times ahead for shoppers in 2010 despite the retailer's first like-for-like sales growth in more than two years.
M&S grew sales by 0.8% in the 13 weeks to December 26, although it said trading from the first day of its sales would have added a further 1% to this figure.
The high street bellwether also took record takings of more than £50 million on December 23, but executive chairman Sir Stuart Rose was in cautious mood amid lingering economic uncertainty.
He said the consumer climate is likely to "get tougher" this year as the day of reckoning for the UK's dire public finances draws closer.
"We know that we have got some medicine coming... There is the prospect, whoever is in power in the mid-part of this year, of some really stringent measures coming in to bring down the deficit," Sir Stuart added.
His comments echoed those of rivals John Lewis and Next on Tuesday, which saw better-than-expected Christmas trading but warned of pressure on consumers.
M&S was trading against far easier comparisons than in 2008, when it registered a 7.1% fall in same-store sales at the height of the recession - its worst performance since 1999.
But the latest growth continues the run of improving sales trends seen since then despite a difficult year for the business.
M&S saw general merchandise sales grow 1.2% as the group refused to cut prices in the run-up to Christmas in contrast with last year's two one-day specials to tempt in hard-pressed shoppers.
The retailer said clothing sales rose 4% - helped by more than eight million jumpers and cardigans flying off the shelves. A pink duffle coat worn by model Twiggy in the retailer's pre-Christmas advertisements sold out within three weeks, a spokewoman added, while the company also sold half a million Autograph lingerie sets.
