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  5. UK retail sales rise by more than expected in February

Pin to quick picksNext Share News (NXT)

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Share Price Information for Next (NXT)

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Share Price: 9,368.00
Bid: 9,366.00
Ask: 9,370.00
Change: -58.00 (-0.62%)
Spread: 4.00 (0.043%)
Open: 9,452.00
High: 9,466.00
Low: 9,344.00
Prev. Close: 9,426.00
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UK retail sales rise by more than expected in February

Thu, 27th Mar 2014 10:00

UK retail sales rose by more than expected last month, according to official data out on Thursday.Sales volumes lifted 3.7% in February against the same month a year ago, the Office for National Statistics (ONS) said. That was better than economists' forecasts of 2.5%.Retail sales rose 1.7% against January, when they fell 2%, topping economists' hopes of 0.5%, the ONS said. Sales were 1.6% higher in the three months to the end of February compared with the previous three months, their highest since August last year.The quantity of goods bought in food shops increased 1.6% compared with February 2013 and by 2.1% against January, while the amount spent increased by 3.5% year-on-year and 1.9% month-on-month.The figures come after supermarkets warned that Britain's grocery market has been growing at its slowest rate since 2005.The boss of clothing retailer Next also last week cast doubt on the sustainability of a consumer-led recovery, saying it was fuelled by borrowing and hindered by a failure of wages to keep pace with the cost of living.Chris Williamson at financial data group Markit said the figures showed shoppers had returned to the high street after wet weather deterred them in January.He said the improving job market, and especially lower unemployment, greater job security and rising wages, lower inflation and the housing market recovery should support growth in consumer spending during 2014.However, he added: "A concern is that the spectre of higher interest rates grows with every new piece of stronger than anticipated economic data."Howard Archer at IHS Global Insight said: "The encouraging news for retailers is that consumers' purchasing power should trend up over the coming months with inflation remaining muted and earnings growth accelerating - although the improvement will likely be relatively gradual. "Even so, the upside for consumer spending may well be capped in the near term given that consumers have faced a prolonged squeeze on their purchasing power."PW
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