Early Easter puts a spring in retailers’ steps

Early Easter puts a spring in retailers’ steps

David McCorquodale, UK head of retail, comments on the publication today of the latest ONS retail sales figures

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Commenting the publication today of the latest ONS retail sales figures, David McCorquodale, UK head of retail, said:

“According to the seasonally adjusted ONS statistics, March was a bumper month for retailers with total sales up in almost all categories.  Volumes, excluding fuel, rose by 5% YOY, but discounting and deflation reduced the increase in values sold to 2.6%. This implies that promotional campaigns are working and driving sales.

“The main story I believe is the growth in grocery of 3.5% in volume terms.  Grocers will be buoyed to see that their hard work is starting to pay off after months of frustration.  However, as price deflation persists, the value of grocery sales increased by 0.9% indicating that a lot of hard work lies ahead for food retailers.

“With the upcoming election it will be interesting to see the impact a new government will have on consumer confidence, and while it is encouraging that retailers are benefitting from the economic recovery, they’ll need to continue to exercise some caution given the uncertainty ahead.”

-ENDS-

 

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KPMG LLP, a UK limited liability partnership, operates from 22 offices across the UK with approximately 12,000 partners and staff.  The UK firm recorded a turnover of £1.9 billion in the year ended September 2014. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 155 countries and has 162,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity.  Each KPMG firm is a legally distinct and separate entity and describes itself as such.

This article represents the views of the author only, and does not necessarily represent the views or professional advice of KPMG in the UK.

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