Calendar An icon of a desk calendar. Cancel An icon of a circle with a diagonal line across. Caret An icon of a block arrow pointing to the right. Email An icon of a paper envelope. Facebook An icon of the Facebook "f" mark. Google An icon of the Google "G" mark. Linked In An icon of the Linked In "in" mark. Logout An icon representing logout. Profile An icon that resembles human head and shoulders. Telephone An icon of a traditional telephone receiver. Tick An icon of a tick mark. Is Public An icon of a human eye and eyelashes. Is Not Public An icon of a human eye and eyelashes with a diagonal line through it. Pause Icon A two-lined pause icon for stopping interactions. Quote Mark A opening quote mark. Quote Mark A closing quote mark. Arrow An icon of an arrow. Folder An icon of a paper folder. Breaking An icon of an exclamation mark on a circular background. Camera An icon of a digital camera. Caret An icon of a caret arrow. Clock An icon of a clock face. Close An icon of the an X shape. Close Icon An icon used to represent where to interact to collapse or dismiss a component Comment An icon of a speech bubble. Comments An icon of a speech bubble, denoting user comments. Comments An icon of a speech bubble, denoting user comments. Ellipsis An icon of 3 horizontal dots. Envelope An icon of a paper envelope. Facebook An icon of a facebook f logo. Camera An icon of a digital camera. Home An icon of a house. Instagram An icon of the Instagram logo. LinkedIn An icon of the LinkedIn logo. Magnifying Glass An icon of a magnifying glass. Search Icon A magnifying glass icon that is used to represent the function of searching. Menu An icon of 3 horizontal lines. Hamburger Menu Icon An icon used to represent a collapsed menu. Next An icon of an arrow pointing to the right. Notice An explanation mark centred inside a circle. Previous An icon of an arrow pointing to the left. Rating An icon of a star. Tag An icon of a tag. Twitter An icon of the Twitter logo. Video Camera An icon of a video camera shape. Speech Bubble Icon A icon displaying a speech bubble WhatsApp An icon of the WhatsApp logo. Information An icon of an information logo. Plus A mathematical 'plus' symbol. Duration An icon indicating Time. Success Tick An icon of a green tick. Success Tick Timeout An icon of a greyed out success tick. Loading Spinner An icon of a loading spinner. Facebook Messenger An icon of the facebook messenger app logo. Facebook An icon of a facebook f logo. Facebook Messenger An icon of the Twitter app logo. LinkedIn An icon of the LinkedIn logo. WhatsApp Messenger An icon of the Whatsapp messenger app logo. Email An icon of an mail envelope. Copy link A decentered black square over a white square.

Shop sales plunge at fastest pace in more than a year

Post Thumbnail

The high street remained under intense pressure in May as sales plunged at their fastest pace in more than a year.

There was no sign of an upturn after retailers were hit by bleak weather in March and a subdued performance over Easter, CBI figures showed.

The latest figures continue a trend of weakened retail activity so far this year.

Despite hopes for improvement in the wider economy, firms reported falls in clothing and footwear sales, although the grocery sector was flat and furniture, carpet and recreational goods sales lifted.

The survey found there were modest hopes for improvement next month, but plans for investment among retailers were at their weakest since the start of last year.

Overall, around 23% of companies said sales volumes were up on a year earlier and around 33% said they were down a worse than expected decline.

It comes after latest official figures showed households being squeezed with wages growth of 0.4% at a level well below the rate of inflation.

Barry Williams of Asda, chairman of the CBI’s survey panel, said: “Retail sales growth has weakened since the start of the year as households continue to feel the pinch, with wages failing to keep pace with the cost of living.”

Official data from the Office for National Statistics has already shown retail sales down 1.3% in April.

Howard Archer, chief UK and European economist at IHS Global Insight, said: “While retail sales are clearly being hindered by largely disappointing weather limiting sales of summer fashions and some outdoor goods, the current softness in sales appears to run deeper than this.

“Clearly, how much consumers spend over the coming months is crucial as to whether the economy can build on the 0.3% quarter-on-quarter growth achieved in the first quarter and the prospects for this look mixed.”

l Sports Direct yesterday signalled major international expansion after announcing it had taken majority stakes in two overseas sportswear brands.

The firm said it had agreed to acquire a 51% stake in Sports Eybl and Sports Experts, in Austria, and had separately acquired a 60% holding in Sportland International Group, the largest sporting goods firm operating in the Baltic region.