Financial News: UK Retail Sales Decline Sharply In April- CBI

UK Retail Sales Decline Sharply In April- CBI

04/25/2024 - 08:09:00 (RTTNews)

(RTTNews) - UK retailers reported a sharp decline in sales in April, the latest monthly Distributive Trades survey results from the Confederation of British Industry showed Thursday.

A net 44 percent of retailers said sales volumes decreased in April, in contrast to the 2 percent reporting an increase in March. A balance of 19 percent forecast sales to fall again next month.

About 20 percent of retailers said sales were below "average" for the time of year and about 25 percent said sales are set to remain below seasonal norms next month.

A net 49 percent said order placed on suppliers decreased in April and 30 percent said orders will decline again next month.

CBI Lead Economist Alpesh Paleja said April's sharp fall in retail sales was likely related to the earlier timing of Easter this year.

Although the sector is likely to benefit from some favorable tailwind as falling inflation lifts real earnings, conditions remain challenging on the ground, Paleja noted.

"April's fall in sales was faster than expected and retailers aren't overly hopeful about the month ahead," added Paleja.

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