By BridgeNews
London--March 1--U.K. retail sales growth has remained robust despite the end of the January sales while retailers' confidence has surged from where it was in November, according to the latest Confederation of British Industry quarterly distributive trades survey. A net 32% of retailers said sales volumes in January were up on the year, and the growth is expected to continue in March. A net 31% said they were confident about prospects for the next six months, up from 2% in the November survey.
* * * Although the monthly sales balance has fallen from the 36% recorded in January, a net 39% of retailers expect stronger sales in March. "Growth remains robust and volumes are expected to pick up," the CBI commented. A net 15% of retailers said business was good for the time of year, virtually unchanged from January. A net 21% expect above average business in March.
Although retailers reported continued price deflation, with a net balance of minus 2% saying prices were down compared with minus 1% in November, deflationary pressures are expected to ease slightly, with a net minus 7% forecasting prices will fall.
Alastair Eperon, chairman of the CBI's distributive trades panel, said: "Retailers will be encouraged that sales growth has remained robust beyond the January sales period. The pressure on prices remains a concern as retailers expect a slight fall in the coming months. Nevertheless confidence has improved since the autumn."