Retail sales recover in December

Retail sales rebounded in December after two disappointing months, the Confederation of British Industry said on Wednesday.

In CBI’s latest Distributive Trades Survey of 106 firms, 48% of respondents reported that sales were up on a year ago, while 14% said they were down, giving a balance of +34, above expectations of +24.

Clothing sales soared to +33, rebounding from -15 in November.

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Last month, the study’s retail sales balance stood at +1, dropping from +2 in October despite analysts predicting a +8% rise.

CBI Distributive chair Barry Williams said:“After a disappointing couple of months, sales volumes in December recovered their sparkle, beating retailers’ expectations."

“Customers have clearly held off spending through the Autumn and we’re only now seeing them start to hit the stores,” Williams added.

 

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