Financial News: UK Retail Sales Growth Accelerates On Early Easter

UK Retail Sales Growth Accelerates On Early Easter - BRC

04/09/2024 - 09:30:00 (RTTNews)

(RTTNews) - UK retail sales growth improved in March as an unusually early Easter boosted both food and non-food sales, the British Retail Consortium said Tuesday.

Total retail sale advanced 3.5 percent on a yearly basis in March, following February's 1.1 percent rise. In the same period last year, sales had increased 5.1 percent.

Retail sales growth exceeded headline inflation for the first time in more than two years.

Food sales increased 6.8 percent in three months to March, while non-food sales were down 1.9 percent.

BRC Chief Executive Helen Dickinson said the sales growth was largely driven by Easter falling unusually early and the subsequent uplift to food sales in the week preceding the long weekend.

"Easter also boosted sales of non-food products such as cookware and tableware, as people readied themselves to host family and friends," added Dickinson.

"As April signals big increases in the sector's cost base - through the rise in minimum wage rates and business rate hikes for the larger high street brands - retailers will be hoping that the bounce back of March sales is more than just an Easter blip," Linda Ellett, UK Head of Consumer Markets, Leisure & Retail at KPMG said.

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