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May 19, 2005
High street sales shows continued weakness
Year-on-year growth in high street sales has fallen to its weakest level since April 2003, according to the Office for National Statistics (ONS).
Although monthly retail sales increased by 0.5% in April 2005, sales growth on a yearly basis was only 2.3% compared to 2.4% in March. Quarterly sales growth was 0.2%, the same as in the previous quarter.
April's monthly increase contradicted reports of difficult trading conditions from high street stores. Health and beauty retailer Boots revealed an 11% decrease in annual profits in April, following a profits warning in March. The ONS said that the fact that Easter 2005 fell in March, could have influenced the figures.
George Buckley, an economist at Deutsche Bank, said that, when food-sales are taken out, the figures indicate a significant weakness. However, analysts do not think that the latest figures will have any impact on base rates.
Posted by at May 19, 2005 11:01 PM
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