SJD Accountancy

UK Contractors: High street sales continue to see growth

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Contractors and Limited companies working within the retail industry will be pleased to hear that retail sales volumes continued to grow in the year to October.

The latest monthly Distributive Trades Survey, carried out by the Confederation of British Industry (CBI), revealed a third successive month of firmly above-average sales growth, with 48% of retailers reporting increased sales volumes.

Looking at the different sectors within retail, it was found that grocers and the clothing sector in particular saw an acceleration in sales growth. However there was a fall in sales reported in other sectors, including hardware & DIY and specialist food & drink.

The volume of orders placed on suppliers rose at a faster pace than expected, while stock adequacy picked up strongly.

Of those surveyed, 46% said they expect sales volumes to increase in the year to November.

Rain Newton-Smith, CBI Director of Economics, said, “Sales on our high streets are still ticking along and, with similar prospects next month, retail growth is looking more stable.

“The clothing sector in particular appears to be bouncing back after the mild weather in September deterred people from buying their winter warmers.

“The recent fall in inflation may help lift the spirits of households by making their budgets stretch further. But risks remain to the UK recovery more generally, with the Eurozone stalling, conflict in the Middle East and tensions over Ukraine.”

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