–UK CBI Distributive Trades: Oct Reported Sales Vols 30% Vs 6% Sep
–UK CBI: Nov Expected Sales Balance 27% Vs +15% For Oct
LONDON (MNI) – There was a sharp rise in October in the balance of
retailers reporting higher sales volumes on the year, with the outturns
in the CBI survey far exceeding analysts’ expectations.
The headline CBI October reported sales volume balance spiked to 30
from 6 in September, hitting its highest level since June. Analysts’
median forecast was for a reported sales balance of 6, unchanged from
September, but that month’s expectations balance had risen to 15,
suggesting the risks were to the upside.
Retailers expect things to get even better in November, with the
expectations balance for that month rising to 27.
Clothing, furniture and carpet sales were particularly strong,
while footwear sales were also robust.
The rise in clothing sales is unsurprising, as they were strong in
September as well in the official data with retailers reporting a boost
from autumn and winter clothing lines. The rise in furnitue and carpet
sales may support evidence of an uptick in the housing market.
The official data showed the retail sector performing strongly in
September, climbing 0.6% on the month, boosted by the end of the
Olympics and clothing sales. This CBI survey points to another strong
month for retailers in October.
Anna Leach, head of economic analysis, “Falling inflation has
somewhat eased pressures on family budgets so that households are a
little more willing to spend. But there is still a risk that ongoing
uncertainy over the global economic outlook could dent consumer
confidence, hitting prospects for the retail sector, while the scope for
inflation to fall further is limited.”
–London bureau: 44 20 7862 7491; email: wwilkes@marketnews.com
drobinson@marketnews.com
[TOPICS: MABDS$,M$B$$$]
