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IAPA (International Association of Practising Accountants)
News

Retail sales dip again

Retail sales have declined for the second consecutive month, new figures have revealed.

The British Retail Consortium (BRC) reported that like-for-like sales slipped by 1.5 per cent in April compared with a year ago. This follows a 1.6 per cent fall in March.

The statistics put consumer spending at its weakest since the spring of 2005.

Taken on a quarterly basis, like-for-like sales declined by 0.6 per cent in the three months from February to April.

Stephen Robertson, the director general of the BRC, said: "With the economic fundamentals remaining weak, there seems no reason for these tough trading conditions to improve soon."

Mr Robertson added: "With higher fuel and utility bills eating away at people�s spare cash, they are concentrating on essentials like food, and despite heavy discounting, clothing and footwear are at their weakest for at least eight years and more expensive housing-related goods continue to struggle."

Date:13 May 2008

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