 Volumes of sales on the high street were higher than a year ago in August, the second consecutive year-on-year increase, according to the latest CBI quarterly Distributive Trades Survey. Retailers expect sales to continue growing in September and they
are more optimistic about the general business situation in the coming three months.
Over half of the retailers surveyed (53%) said that the volume of sales rose during the first two weeks in August while 18% said that it fell, giving a balance of +35%. This was similar to the pace of sales growth in July (+33%), and the fastest since April 2007, though it was slower than expected (+45%).
Better weather at the beginning of August, the summer sales and summer holidays are likely to have helped drive sales up in these sectors, the leading business group said.
The balance for the underlying trend, the three-monthly moving average of sales volumes, was +21%, which is the strongest figure since July 2007 (+22%).Looking to September, retailers expect sales growth to remain strong, with a balance of +39% expecting volumes to be higher than a year ago.
In wholesaling, sales volumes rose in August compared with a year ago, despite expectations they would fall. 41% of wholesalers said the volume of trade was up, while 18% said it was down, giving a balance of +23%. This was far better than the -18% figure expected last month, and a similar growth in volume of sales is predicted in September (+22%). The best performing wholesale sectors mirror those in retail; namely, clothing and food & drink.
Image: Women shopping
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