HomeFinanceU.K. retail sales growth stabilized in March despite Mother’s Day

U.K. retail sales growth stabilized in March despite Mother’s Day

U.K. retail sales grew slightly less than the previous month in March despite lower volumes year-on-year, with Mother’s Day providing a small boost as inflation continues to bite, the latest report by KPMG and the British Retail Consortium released on Tuesday showed.

Total retail sales for the five weeks to April 1 rose 5.1% year-on-year, above the three-month average of 4.8%, the report said. This compares to a 5.2% rise in February.

On a like-for-like basis, retail sales grew 4.9% in March, ahead of the three-month average of 4.6%, and stable from February’s 4.9% growth.

Total food sales grew 8.5%, while nonfood sales increased 1.8%.

“While the wettest March in over forty years dampened sales growth for fashion, gardening and DIY products, Mother’s Day brightened up sales for the month. Stores were given an extra boost, as last-minute shoppers dashed to their local high streets and shopping centers to purchase jewelry, fragrances and flowers,” British Retail Consortium Chief Executive Helen Dickinson said.

Paul Martin, UK Head of Retail at KPMG, warned that retailers face the challenge of costs rising further in April as higher minimum wage rates come into effect and inflation continues to eat into margins.

Write to Elena Vardon at [email protected]

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