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02/04/2002
CBI survey reveals shop sales remain strong
Retail sales remained strong in March but the annual rate of increase has edged down from the peaks over Christmas and the New Year, according to the CBI's latest monthly distributive trades survey.
The survey, released on Tuesday April 2, was conducted between 5 and 20 March 2002 with 268 retail outlets taking part.
Ian McCafferty, CBI Chief Economic Adviser, said: “Shop sales have dropped down a gear. They are still strong but they have edged down from the peaks seen at Christmas and the New Year. Retailers are still confident that consumers will keep on spending but competition is fierce and there is little sign of inflation.”
Compared with a year earlier, 50 per cent of firms said sales were up while 19 per cent said they were down.
The three-month moving average, which smoothes out month-to-month fluctuations, also remains strong but this too has eased the report reveals.
Firms are still confident about demand and expect sales to grow in the coming month. Stock levels have risen steadily since December, relative to expected demand. This has led to an easing in the growth of orders with suppliers.
In the wholesale sector, sales volumes bounced back following two months of steep decline. This growth expected to continue in the coming month.
Motor traders' sales volumes are still growing strongly. March marks the release of new registration plates and sales are reported to be significantly stronger than at the same time a year ago.
Sales growth is expected to continue over the coming month and is above average for the time of year.
(AMcE)
The survey, released on Tuesday April 2, was conducted between 5 and 20 March 2002 with 268 retail outlets taking part.
Ian McCafferty, CBI Chief Economic Adviser, said: “Shop sales have dropped down a gear. They are still strong but they have edged down from the peaks seen at Christmas and the New Year. Retailers are still confident that consumers will keep on spending but competition is fierce and there is little sign of inflation.”
Compared with a year earlier, 50 per cent of firms said sales were up while 19 per cent said they were down.
The three-month moving average, which smoothes out month-to-month fluctuations, also remains strong but this too has eased the report reveals.
Firms are still confident about demand and expect sales to grow in the coming month. Stock levels have risen steadily since December, relative to expected demand. This has led to an easing in the growth of orders with suppliers.
In the wholesale sector, sales volumes bounced back following two months of steep decline. This growth expected to continue in the coming month.
Motor traders' sales volumes are still growing strongly. March marks the release of new registration plates and sales are reported to be significantly stronger than at the same time a year ago.
Sales growth is expected to continue over the coming month and is above average for the time of year.
(AMcE)
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Good year for Tesco as profits top £1.6bn
It has been a good year for the supermarket retailer Tesco which has seen pre-tax profits soar to £1.6 billion, according to the group's full-year preliminary statement issued today. In addition to driving up pre-tax margins by 17.6%, the company said that it had slashed its debts by £600 million, down to £4.1 billion. In the UK, sales grew by 14.
Good year for Tesco as profits top £1.6bn
It has been a good year for the supermarket retailer Tesco which has seen pre-tax profits soar to £1.6 billion, according to the group's full-year preliminary statement issued today. In addition to driving up pre-tax margins by 17.6%, the company said that it had slashed its debts by £600 million, down to £4.1 billion. In the UK, sales grew by 14.
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Northern Ireland WeatherToday:A showery start with outbreaks most frequent north of Lough Neagh and through the morning, before dwindling during the afternoon as the northwest breezes ease and brighter spells of weak sunshine prosper. Maximum temperature 8 °C.Tonight:A dry night, save for a few light showers around the coasts, with prolonged clear spells and light winds bringing a frosty dawn for many in central and southern parts. Minimum temperature -3 °C.
