UK retail sales continue recovery in March
The British Retail Consortium (BRC) has today revealed the High Street continued its recovery in March with UK retail sales rising at their fastest rate in almost four years.
According to the BRC, the rise was boosted by Easter shopping as consumers stocked up on chocolate, food and drink for the Easter weekend.
The BRC said the total value of sales surged 6.6% last month compared with March 2009 – the biggest increase since April 2006, while like-for-like sales grew 4.4%.
However, the BRC cautions that the outlook remains uncertain since March’s figures were boosted by Easter falling at the end of the month.
When the impact of Easter was stripped out, the BRC said like-for-like sales were up by about 2%.
Helen Dickinson, head of retail at KPMG, which compiles the figures with the BRC, said: “The timing of the majority of Easter spending, falling into the March 2010 period but in April last year, has boosted this month’s figures and makes year-on-year comparisons difficult.”
She continues: “Without this uplift a gloomier picture would have emerged – concern about the future continues to weigh on consumers’ minds and the outlook for spending remains uncertain.”
In the meantime, a separate survey has found that fewer retailers entered administration in the first quarter of 2010.
The survey by financial services firm Deloitte, found 44 retailers fell into administration during the three-month period, down 65% from a year earlier.
In other retail news today, Debenhams has beat expectations by reporting half-year pre-tax profits of £120.5 million – a 17.9% rise compared with the same period a year earlier.
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