drop in sales

Sales Fall

Retail sales plummet in early January

High–street sales fell for the tenth month in a row in January 2009 and are expected to decline further in February, according to the Confederation of British Industry (CBI). Their research found that 63% of retailers reported a drop in sales in the first two weeks of January compared with the same period last year, while just 16% reported a rise. More than half the retailers surveyed predicted that sales would fall further in February. CBI chief economic adviser Ian McCafferty said: “Most of the retail sector continues to struggle as the recession bites more deeply, and February will be tough,” “Later this year we hope to see some benefit from recent interest rate cuts, falling inflation, and the Government’s steps to kick–start lending. But retailers w... »