Investing.com - Retail sale volumes in the U.K. improved significantly in February, after tumbling to the lowest level since March 2009 in January, industry data showed on Tuesday.
In a report, the Confederation of British Industry said the result of its index of U.K. retailers improved by 20.0 points to a reading of minus 2.0 in February from minus 22.0 in January.
Analysts had expected the index to improve by 8.0 points to minus 14.0.
On the index, a reading above 0.0 indicates higher sales volume, below indicates lower.
Looking ahead, retailers remain concerned about the longer term outlook. Sentiment about the general business situation over the next three months remained negative in February for the fifth quarter in a row.
Commenting on the report, Chair of the CBI Distributive Trades Panel Judith McKenna said, “It’s good to see there are more positive signs on our high streets. But consumers are clearly continuing to focus their spending on day-to-day needs, rather than big ticket or luxury items.”
“With disposable incomes under constant pressure, retailers remain concerned about the general business outlook for the rest of 2012,” she added.
Following the release of the data, the pound remained higher against the U.S. dollar, with GBP/USD rising 0.14% to trade at 1.5845.
Meanwhile, European stock markets held on to modest gains. London’s FTSE 100 eased up 0.1%, the EURO STOXX 50 rose 0.3%, France’s CAC 40 added 0.25%, while Germany's DAX edged 0.4% higher.
In a report, the Confederation of British Industry said the result of its index of U.K. retailers improved by 20.0 points to a reading of minus 2.0 in February from minus 22.0 in January.
Analysts had expected the index to improve by 8.0 points to minus 14.0.
On the index, a reading above 0.0 indicates higher sales volume, below indicates lower.
Looking ahead, retailers remain concerned about the longer term outlook. Sentiment about the general business situation over the next three months remained negative in February for the fifth quarter in a row.
Commenting on the report, Chair of the CBI Distributive Trades Panel Judith McKenna said, “It’s good to see there are more positive signs on our high streets. But consumers are clearly continuing to focus their spending on day-to-day needs, rather than big ticket or luxury items.”
“With disposable incomes under constant pressure, retailers remain concerned about the general business outlook for the rest of 2012,” she added.
Following the release of the data, the pound remained higher against the U.S. dollar, with GBP/USD rising 0.14% to trade at 1.5845.
Meanwhile, European stock markets held on to modest gains. London’s FTSE 100 eased up 0.1%, the EURO STOXX 50 rose 0.3%, France’s CAC 40 added 0.25%, while Germany's DAX edged 0.4% higher.