Retailers Expect Further Growth in Sales
CBI findings show fifth consecutive month of sales growth
Optimism among UK retailers is at a three year high, according to the CBI’s latest monthly Distributive Trades Survey.
Retail sales have grown strongly in the year to April and have shown year-on-year growth for the fifth consecutive month. Furthermore, the CBI’s findings show that they are expected to grow at an even faster pace next month, with 48% of the retailers surveyed expecting sales to rise, compared to only 5% who expect them to fall.
Among the retail sectors, grocers, footwear & leather and hardware & DIY recorded particularly strong annual sales growth. Internet retail sales also continued to perform strongly, with the volume of sales rising at the highest annual rate since November 2012.
Overall, 42% of respondents reported that sales volumes were up on a year ago, while 12% said they were down.
Barry Williams, Chair of the CBI Distributive Trades Survey Panel, said:
“The high street has a spring in its step – retailers performed well in April and enjoyed a strong rise in sales compared with this time last year. It’s a welcome rebound from March, largely down to the later timing of Mother’s Day and Easter.
“This latest survey echoes the current drumbeat of positive economic news. The trick now is for this to become a consistent theme, and deliver much needed support to household spending and economic growth in the months ahead.”