Financial News: UK Retail Sales Rise Less Than Forecast

UK Retail Sales Rise Less Than Forecast

12/20/2024 - 08:22:00 (RTTNews)

(RTTNews) - UK retail sales grew for the first time in three months in November but the pace of expansion was weaker than expected as consumers were cautious in the wake of government's first budget.

A closely watched survey showed that retailers reported a moderate fall in retail sales in December despite festive season and they forecast another decrease in January.

Retail sales volumes increased 0.2 percent in November, reversing a 0.7 percent fall in October, the Office for National Statistics reported Friday. However, this was weaker than the expected growth of 0.5 percent.

Sales excluding auto fuel grew 0.3 percent on month, in contrast to the 0.9 percent decrease a month ago. Economists had forecast a nil growth for November.

Some retailers reported that Black Friday offers underpinned sales growth. Food stores sales volumes climbed for the first time in three months, rising 0.5 percent in November, most strongly within supermarkets.

Non-food stores sales volumes, which is the total of department, clothing, household and other non-food stores, gained 0.2 percent. Meanwhile, automotive fuel sales were down 0.7 percent.

On a yearly basis, retail sales growth weakened to 0.5 percent from 2.0 percent in October. Excluding auto fuel, growth in sales volume eased to 0.1 percent from 1.6 percent.

In the three months to November, sales volume rose only 0.3 percent from the previous three months.

Elsewhere, the Distributive Trades Survey from the Confederation of British Industry showed that the retail sales balance rose to -15 percent in December from -18 percent in November. However, sales were down for the third straight month.

A net 11 percent of retailers expect sales to fall again in January and a net 18 percent forecast sales volume to remain below seasonal norms in January.

The internet sales volume also decreased in December. The corresponding balance fell to -8 percent from -12 percent in November. About 6 percent said online sales will growth next month.

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