February 26, 2014

UK retail sales register fastest growth since June 2012: CBI survey

Retail sales in the UK registered strong growth in the year to February 2014, the fastest since June 2012, according to the latest quarterly Distributive Trades Survey (DTS) by the Confederation of British Industry (CBI).

By admin-demo

Retail sales in the UK registered strong growth in the year to February 2014, the fastest since June 2012, according to the latest quarterly Distributive Trades Survey (DTS) by the Confederation of British Industry (CBI).

The survey was carried out between 23 January and 12 February 2014, and involved 120 firms including 65 retailers, 48 wholesalers and seven motor traders.

Around 45% of retailers reported that sales volumes have gone up, while 8% said they were down.

Similarly, 42% of wholesalers and 69% of motor traders have reported that sales volumes have gone up, while 19% wholesalers and 0% motor traders said they declined, respectively.

The DTS also found that retail sales have grown for the ninth consecutive month.

Among different retail products, the sales volume of grocers, clothing, furniture and carpet were higher, however the sales volume of specialist food and drink were down for the second consecutive month.

CBI Distributive Trades Survey Panel chair and Asda Food chief merchandising officer Barry Williams said the high streets reported strong performance this month with the best growth since the summer of 2012.

"There is growth across many sectors, including grocers and clothing outlets, while investment intentions are at their highest for more than three years. Although we are by no means seeing a universally confident shopper, the positive indicators have perhaps given some people the urge to spend," Williams added.

"Overall sales have been remarkably resilient in the face of disruption from the exceptional weather across the UK, which has badly affected many families and businesses."