Jubilee gives retail sales a "much-needed boost"
the CBI’s latest monthly distributive trades survey shows sales and orders are growing but still below norm
Jubilee celebrations added a much-needed boost to the high street, as the latest data showed on Wednesday that retail sales and orders rose in the year to June, but are still below the norm for the time of year.
A growing 58 percent of retailers said sales volumes were up on a year ago, leaving a balance of 42 percent, stronger than retailers had expected and the fastest growth reported since December 2010, according to the CBI’s latest monthly distributive trades survey.
The survey, which covers the first two weeks in June, also showed better than expected growth in orders, marking up the highest balance in a year and a half.
Retailers said they expected strong increases in both sales and order volumes in the year to July but expected the pace of growth to slow compared to June.
Despite the positive signs, the volume of sales is below average for the time of year, the study said.
“Retailers have continued to report strong growth in both their sales and orders. The Jubilee provided a much-needed boost to our high streets ...," Judith McKenna, Asda’s chief operating officer, said.
“However, it is notable that sales were still considered to be below par for the time of year. Weak consumer confidence and uncertainty over the economic outlook are still putting a brake on consumer spending across the whole retail sector,” McKenna, Asda’s former CFO and chair of the CBI distributive trades panel, added.
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