Retail sales fell sharply in the year to April, according to the latest monthly CBI Distributive Trades Survey. This follows no change in sales over March.
While the earlier timing of Easter this year likely played a role in April’s decline, the fall in retail sales was nonetheless greater than expected. Sales are expected to continue falling next month, but at a slower pace.
Key findings included:
Retail sales volumes fell sharply in the year to April (weighted balance of -44%), after staying broadly flat in March (+2%). Retailers expect sales to fall again next month, but at a slower pace (-19%).
Sales were reported to be below “average” for the time of year (-20%, from 0% in March). Sales are set to remain below seasonal norms next month (-25%).
Orders placed on suppliers also fell sharply in April (-49%), having now fallen for a full year. Orders are expected to decline again next month, though at a slower pace (-30%).
Retailers’ stock positions were reported to be above “adequate” (+8%) in April, firming from a position of adequacy in March (-1%). Nonetheless, stock adequacy remained below its long-run average (+17%) and is expected to soften a little next month (+4%).
The survey included 129 respondents, of which 48 were retailers