- British Retail Consortium
British retail sales declined last month as bad weather undermined demand for clothes, while takings at grocers were hit by lower food prices and Easter closures. According to the British Retail Consortium, like-for-like sales declined 0.7% in March on a year earlier, the biggest decrease since last August. Sales, however, remained flat on year in total terms. A more underlying quarterly gauge showed a 1.4% gain in sales values. Some economists had expected the earlier Easter to boost sales, as it was the case in previous years when people splash out on seasonal foods and gifts. However, the BRC report showed the opposite effect, with pressure on food sales from stores closing on Easter Sunday. Consumer spending has been the main driver of economic growth in Britain in recent months and the March sales lull will fuel concerns the UK economy is losing strength.
The Confederation of British Industries reported last week that retail sales volumes growth slowed slightly in March, with the outlook for the coming month improving as orders placed on suppliers increased above expectations. The UK's official statistics showed sales volumes dropped between January and February less than had been expected. Meanwhile, a quarterly measure showed the retail sector remained on a solid ground in February, showing growth for the 27th straight month, and climbing 0.8% compared with the previous quarter.
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