Grocery retailers have reported their highest balance of year-on-year (YOY) sales this month since February 2010, according to the latest statistics.
TheConfederation of British Industry (CBI) has published its latest Distributive Trades Survey for the period from 24 May to 14 June 2012, revealing an 85% rise in YOY sales for the month.
The UK business lobbying organisation also found a 42% overall rise in sales volumes among high street retailers during the first two weeks of the said period, compared to a year ago. This is the fastest growth reported since December 2010 (+56%).
Judith McKenna, chair of the CBI Distributive Trades Panel and Asda’s chief operating officer, said: “Retailers have continued to report strong growth in both their sales and orders. The Jubilee provided a much-needed boost to our high streets, with many families and communities making the most of the Bank Holiday and coming together to celebrate.
“However, it is notable that sales were still considered to be below-par for the time of year. Weak consumer confidence and uncertainty over the economic outlook are still putting a brake on consumer spending across the whole retail sector.”
Businesses recorded a 23% increase in orders, compared to 18% in June 2011, while a 10% reduction in volume of sales was seen to be below-average for the time of year.
Wholesalers saw a broadly flat rate of +1% volume of sales compared to a year ago (+16%).
CBI explained that although retailers are expecting strong increases in both sales and order volumes in the year to July (+32% and +21% respectively), “the pace of growth is expected to ease somewhat, relative to June”.