Retail sales volumes grew solidly in the year to July, rebounding from a disappointing performance a month earlier, according to the latest CBI Monthly Distributive Trades Survey.
According to the report, 46% of retailers said sales volumes rose in the three months to July, while 25% said they fell, giving a balance of +21%, beating expectations of +17%.
Retailers expect sales volumes to grow at an even stronger pace next month and stocks in relation to expected demand rose, most likely in anticipation of this stronger sales growth.
Among the retail sub-sectors, clothing performed well over the month, with a balance of 45% of retailers recording growth.
“As the temperature began to rise, it seems so did sales volumes. Almost all sectors saw growth, with grocers and clothing stores telling us they performed particularly well as people bought barbeque supplies and summer outfits,” said Barry Williams, Asda chief merchandising officer for food, and chair of the CBI Distributive Trades Survey Panel.
“Retailers expect an even faster rise in sales volumes next month, and are stocking up in anticipation of growing demand.”