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High street revels in new year sales

UK high street retailers have seen their most profitable new year sales period since 2004, according to new figures.

The Confederation of British Industry (CBI) revealed figures showing the balance of firms that achieved sales figures up from last year had hit 30 per cent.

Around 51 per cent of retailers said sales increased against the figures for January 2006 with only a fifth saying they had fallen.

John Longworth, chairman of the survey's panel, said: "The pre-Christmas growth in year-on-year sales volumes has carried convincingly through into the January sales. It was a much better story than retailers had expected.

"December's strong showing was driven by some very heavy discounting and it is likely January will be the same."

The results, which were released earlier today (January 29th), exceeded the four per cent positive balance expectations of businesses.

Mr Longworth added retailers were yet to see the "full impact" of the quarter point interest rate rise earlier this month.

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29/01/2007 16:49:25

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