It has been reported that the British retailer, Marks and Spencer’s sales rose to 3.6%, despite the downturn in the economy.
Marks and Spencer is the biggest retail store in UK and the items ranging from daily needs to vegetables to clothes to other accessories are all provided under one roof.
The sales rose to 5.1% during the last quarter of this year and there was also a 1% rise in the sales, during the third quarter of 2009.
Marks and Spencer also has its official website, through which home ware, clothes, furniture and other items can be purchased.
The shares of the retail store rose by 3.2 percent at the London Stock Exchange yesterday.
According to the Chief Executive Marc Bolland, “Marks & Spencer's food business posted a 1.5% increase in same-store sales. Its general merchandise division booked a 6% rise”.
Now he is also searching for a person, who will be given the seat of new Finance Director and Chairman of Marks and Spencer.
As the economic condition of the country is not stable, the Government has increased the VAT on items, which is one of the measures to reduce the budget deficit.
Bolland said that due to rise in VAT, now they will also have to sell their products with a little more price, which can bring resentment from the customers.