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Retail sales in the U.K. grew in February after a decline in January, a survey of retailers conducted by the Confederation of British Industry revealed Thursday.
The survey conducted between January 27 and February 10 revealed that 46% of retailers said their sales increased in early February compared to a year ago and 23% said sales decreased. The resulting balance was +23%, clearly up from -8% in January. It also marked the strongest year-on-year increase in sales since May 2007. Moreover, it bettered retailers' expectations that there would be little change in sales volumes.
Further, a balance of 16% of retailers expect that, compared with last March, there will be further growth next month. Retailers revealed that they expect the business situation to be broadly stable over the next three months.
The volume of orders placed on suppliers also improved in line with sales volumes, with a balance of 12% saying those were up on a year ago. A similar rate of growth is expected next month.
"While retailers see some growth ahead, the road to recovery through 2010 is likely to be fragile," said Andy Clarke, Chairman of the CBI Distributive Trades Panel. "Worries about the economy and upcoming pay freezes are likely to ensure that shoppers remain cautious," he added.
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