UK retail sales growth slows in the year to January: CBI
UK retail sales growth slowed at a faster than expected pace at the start of the year and is likely…UK retail sales growth slowed at a faster than expected pace at the start of the year and is likely to remain modest next month, according to the monthly survey by the Confederation of British Industry.
According to the CBI's latest Distributive Trades Survey of 113 firms, grocers and furniture & carpets retailers saw sales volumes rise, whereas clothing retailers, which have been affected by unseasonably mild weather, have seen sales slump.
In the year to January, internet sales volumes continued to rise steadily over the same period, which is in line with the series average, since August 2009.
Many sub-sectors saw strong sales performance: grocers (+50%) and furniture & carpet retailers (+44%) saw strong sales performance, while clothing and footwear & leather retailers saw a decline in sales (-55% and -14%).
Over 29% placed more orders with suppliers, than they did a year ago, and 31% placed fewer orders, giving a rounded balance of -2%.
The sales of building materials (+60%) and durable household goods saw strong sales performance, while food & drink wholesalers witnessed decline in sales.
CBI Distributive Trades Survey Panel chair Barry Williams said, "At a time of year when shoppers are recovering from the excesses of Christmas and watching their spending carefully, it's encouraging that high street sales have continued to grow.