UK February CBI retailing reported sales -45 vs -40 expected
Latest data released by CBI - 23 February 2021
UK retail sales gauge remains rather weak in February, with retailers seeing a sharp fall in sales as well as mounting job losses. The outlook for March remains rather gloomy with the expectations reading falling to -62, the lowest on record for the data series.
- Prior -50
- Total distributive reported sales -35
- Prior -44
CBI notes that:
"With lockdown measures still in place, trading conditions remain extremely difficult for retailers. Record growth in Internet shopping suggests that retailers' investments in online platforms may be paying off, but the reopening of the sector can't come soon enough to protect job losses and breathe life back into the sector."
While the data is rough, the good news is that the market is staying more focused on the optimistic factors i.e. vaccine rollout and reopening announcement yesterday.