|Retail sales hit Jubilee high, shows CBI research|
|Written by Carol Emmas|
|Wednesday, 27 June 2012 12:42|
Retail sales grew at their fastest pace since December 2010 on the back of the Queen's Jubilee, according to a report by business lobbying organisation the CBI.
The CBI’s latest monthly Distributive Trades Survey, covering the first two weeks in June, shows 58% of retailers reported that sales volumes were up on a year ago, against 17% stating sales had fallen.
The balance jumped to +42%, which was also stronger than retailers had expected and was the fastest growth reported since December 2010 at +56%.
However, it reported sales remained below levels expected for the time of year at -10% and stock levels fell back relative to expected demand +11%.
Judith McKenna, chair of the CBI Distributive Trades Panel and Asda chief operating officer, said: "Retailers have continued to report strong growth in both their sales and orders.
"However, it is notable that sales were still considered to be below par for the time of year. Weak consumer confidence and uncertainty over the economic outlook are still putting a brake on consumer spending across the whole retail sector."