UK: Retail sales gloom deepens in October
UK retail sales fell 0.1% by value on a like-for-like basis in October versus last year, with a mixed picture for clothing and footwear stores, according to the British Retail Consortium (BRC).
Total sales rose 1.1% versus last October, which posted a 1.5% rise, making the month the slowest-growing since last November, save Easter, with all categories affected.
“Like a rocket, clothing and footwear sales soared into double-digit like-for-like growth in the first week, but then faded in the latter half of the month, showing that consumers may have bought into autumn/winter collections, but are still too nervous to fill their wardrobes with them,” said David McCorquodale, head of retail at KPMG.
“The recession may officially be over, but it will take a little longer for consumers to feel they can spend freely again.”
BRC director general Stephen Robertson pointed to poor results from the online non-food retail sector.
“Unfortunately, it looks like the modest sales revival we saw in September was something of a false dawn,” he added.
“Excluding April, hit by this year’s earlier Easter, October saw the worst sales growth since last November.”
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