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High street sales grow in February
The UK high street recorded its strongest growth in sales volumes in over two years in February, according to data released by the Confederation of British Industry (CBI).
The CBI's latest Distributive Trades Survey also revealed that although price inflation has accelerated sharply, the fall in employment has slowed, and investment intentions have stabilised for the first time in over two years.
Asked how their sales volumes in early February compared against the same period in 2009, 23% said they were lower, while 46% said they were up. The resulting balance of +23% is a clear improvement on January (-8%) and is the strongest year-on-year increase in sales since May 2007 (+31%)
"Sales have been stronger this month than many retailers predicted they would be, but that's not surprising as January was impacted by VAT changes and forward buys in December.
"Retailers don't think February's growth spurt will be matched in March, but the sector can take some reassurance that job losses are easing off and capital expenditure plans are stabilising," said Andy Clarke, Chairman of the CBI Distributive Trades Panel.
Post Date: February 26th, 2010
The CBI's latest Distributive Trades Survey also revealed that although price inflation has accelerated sharply, the fall in employment has slowed, and investment intentions have stabilised for the first time in over two years.
Asked how their sales volumes in early February compared against the same period in 2009, 23% said they were lower, while 46% said they were up. The resulting balance of +23% is a clear improvement on January (-8%) and is the strongest year-on-year increase in sales since May 2007 (+31%)
"Sales have been stronger this month than many retailers predicted they would be, but that's not surprising as January was impacted by VAT changes and forward buys in December.
"Retailers don't think February's growth spurt will be matched in March, but the sector can take some reassurance that job losses are easing off and capital expenditure plans are stabilising," said Andy Clarke, Chairman of the CBI Distributive Trades Panel.
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Post Date: February 26th, 2010
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