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John Lewis lifts UK economic hopes with higher weekly sales
11-04-2014 09:40
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Robust weekly trading figures from high street bellwether John Lewis on Friday boosted hopes that consumer spending is still propping up the UK's fragile economic recovery.
The staff-owned department store chain said sales in the week to April 5th rose 9.3% against the same week a year ago. Sales in the 10 weeks to April 5th lifted 6.3%.
John Lewis said an exceptionally strong Saturday buoyed the figures, with sales that day up 17.8%.
Fashion continued its steady growth, homeware sales benefited from demand for big-ticket lines, such as beds and fitted furniture, while sales of audio and large electrical goods were strong.
The group's Mark Blundell said it should benefit from the Easter holiday and higher seasonal demand for fashion and outdoor goods.
"Looking ahead, we have some fantastic opportunities," he said.
Howard Archer at IHS Global Insight commented that the figures suggested that consumers had started the second quarter of the year on an upbeat note.
"The encouraging news for retailers is that consumers' purchasing power should pick up over the coming months, with inflation remaining muted and earnings growth strengthening, albeit relatively gradually," Archer said.
PW
The staff-owned department store chain said sales in the week to April 5th rose 9.3% against the same week a year ago. Sales in the 10 weeks to April 5th lifted 6.3%.
John Lewis said an exceptionally strong Saturday buoyed the figures, with sales that day up 17.8%.
Fashion continued its steady growth, homeware sales benefited from demand for big-ticket lines, such as beds and fitted furniture, while sales of audio and large electrical goods were strong.
The group's Mark Blundell said it should benefit from the Easter holiday and higher seasonal demand for fashion and outdoor goods.
"Looking ahead, we have some fantastic opportunities," he said.
Howard Archer at IHS Global Insight commented that the figures suggested that consumers had started the second quarter of the year on an upbeat note.
"The encouraging news for retailers is that consumers' purchasing power should pick up over the coming months, with inflation remaining muted and earnings growth strengthening, albeit relatively gradually," Archer said.
PW
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