News and Sales Industry Updates
UK sales up in October
UK retail sales increased 1.3% in October on a total basis in the four weeks to 27 October, compared to a rise of 0.2% in the same period of 2017, according to new figures.
The latest BRC-KMPG Sales Monitor showed retail sales increased by 0.1% on a like-for-like basis from October 2017, when they had decreased 1.0%.
The figures revealed that during the three months to October, food sales increased 1.2% on a like-for-like basis and 2.3% on a total basis. This is below the 12-month total average growth of 3.5%.
Jon Woolven, strategy and innovation director at IGD, said: “After a strong run earlier this year, food and grocery sales have settled into a new pattern of modest growth, broadly in line with inflation. The run up to Halloween delivered its usual boost, on a similar scale to previous years. “
Paul Martin, head of retail at KPMG, said: “October kicks off the all-important golden quarter, with some retailers earning the majority of their annual profits in these months alone. But with October’s like-for-like sales flat lining at 0.1%, it was a bit of a non-starter.
“Demand was mainly dampened by continued economic uncertainty, as well as the anticipation for the deep discounting ahead – especially now that Black Friday weekend has become such a permanent feature.”
Martin added: “The Budget highlighted efforts to relieve some of the pressures on the high street, but didn’t go far enough to address the concerns of many retailers. With the potential implications of a hard Brexit added to the mix, retailers now need to juggle contingency planning alongside the busiest time of year.”