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Financial News: UK Like-For-Like Sales Remain Stable In January

UK Like-For-Like Sales Remain Stable In January

02/11/2020 - 06:43:00 (RTTNews)

(RTTNews) - UK like-for-like retail sales remained stable in January, data published by the British Retail Consortium and KPMG showed on Tuesday.

Like-for-like sales remained unchanged annually in January, after a 1.8 percent increase in the same period last year. Economists had forecast a 0.5 growth.

At the same time, the total retail sales rose 0.4 percent on year compared to an increase of 2.2 percent in January 2019.

Retail sales for the twelve-month average declined 0.2 percent, which was the lowest since records began in 1995.

"Across the UK, retailers are facing tighter margins as a result of weak consumer demand and increasing costs, including sky high business rates," Helen Dickinson, chief executive at BRC said.

"Consumer confidence has started to return post-General Election, but we have not experienced any major leaps for the sector yet," Paul Martin, Partner, UK head of retail, KPMG, said.

"With Brexit 'technically' behind us, retailers will be hoping that consumers feel confident enough to reengage," Martin added.

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