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Free AccessCLARIFY: UK Feb Retail Sales Growth Slows; Expectns Down: CBI
--UK Feb Retail Sales Volumes Balance -8 Vs +8 In Jan
By Jai Lakhani
LONDON (MNI) - UK retail sales growth fell in the year to March, with sales
volumes declining for the first time since October 2017. A pick-up is expected
in April, albeit at a subdued pace, the CBI Distributive Trades Survey,
published Wednesday, found.
The reported sales volume balance for March contracted 8 points offsetting
a growth of 8 in February. This was the fourth consecutive monthly decline in
sales volume. However, the timing of the survey is compatible with the "Beast
from the East", a weather phenomena which greatly added to the ongoing squeeze
on consumers' real incomes. The CBI survey's expected sales balance for April
fell from the 21 figure to 16.
The CBI's sales for time of year balance fell to -27 in March from 4 in
February, with the April expected balance still reporting a negative figure of
-1. Whilst retailers expect sales volumes and orders placed with supplier to
grow next month, it is unlikely to be strong and this is despite an expected
ease of the squeeze in household incomes.
Ben Jones, CBI Principal Economist, said "Against a backdrop of stagnating
household incomes and weak consumer confidence, the lengthy cold snap earlier
this month has heaped added pressure on retailers... As winter finally loses its
grip, retailers expect a recovery in sales growth in April, albeit a fairly
tepid one. While the latest wage and price data point to the first green shoots
of a recovery in real household incomes, any gains are likely to be modest, with
conditions for retailers likely to remain challenging for some time yet."
--MNI London Bureau; tel: +44 203-586-2225; email: les.commons@marketnews.com
[TOPICS: MABDS$,M$B$$$,M$E$$$]
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Why MNI
MNI is the leading provider
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