© Reuters. People shop on Oxford Street in London, Britain April 10, 2023. REUTERS/Anna Gordon/File Photo
LONDON (Reuters) – British retail sales edged up in March after falling in the previous 10 months but stores expect sales volumes to slip again in April, according to industry figures which echoed official data published last week.
The Confederation of British Industry’s (CBI) monthly retail sales balance, a gauge of sales over the year to March, rose to +2 from -7 in February.
But retailers expected the decline in sales to resume in April at -25.
“The stabilisation of retail sales in March should give some hope that the sector’s downturn is bottoming out,” Martin Sartorius, CBI principal economist, said.
“The earlier timing of Easter will likely mean weaker year-on-year sales in April, but easing inflation should support retail spending going forward.”
Official data last week showed British retail sales held steady in February, defying forecasts of a fall. Other surveys have pointed to a stabilisation in the economy as inflation slows and with interest rates likely to come down this year.
The CBI survey, which is not seasonally adjusted, showed retailers cut orders to suppliers this month and expect to do so again in April. The survey was based on responses from 72 retailers.
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