UK's high street sales volumes increased more than expected in September, recovering from the previous month's decline, data from a survey by the Confederation of British Industry (CBI) showed Wednesday.
In the latest distributive trade survey, 33 percent of the surveyed retailers said sales increased from last year in September, while 27 percent reported decline. The resulting balance of 6 percent was in line with retailers' expectations. Economists were looking for a balance of 5 percent in September.
At the same time, the balance of the volume of orders placed on suppliers increased markedly to 2 percent, indicating a modest annual growth, from -11 percent in August. Meanwhile, stock levels fell back relative to expected demand, and hit the lowest level since September 2009.
The outlook component of the survey, which showed a balance of 15 percent, revealed that retailers expect that growth will strengthen somewhat next month.
"It is encouraging that sales on the high street have seen a slight rise in the year to September, and that retailers expect growth to pick up further next month," Judith McKenna, Chair of the CBI Distributive Trades Panel, said.
by RTT Staff Writer
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