M&S cuts its sales forecast as Irish and Greek sales decline

Poor Irish and Greek sales were cited by retailer Marks and& Spencer as it reduced its global sales forecast for 2012.

The move follows comparatively cautious projections from rivals Tesco and Sainsbury.

The UK retailer said international sales were up 5.8% last year, but noted poor trading conditions in Greece and Ireland were likely to continue due to shoppers feeling the pinch from rising prices, muted wages growth and ongoing austerity measures.