Retail sales jump at sharpest rate for over a year

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British retailers saw their highest levels of sales for more than a year in April, according to a survey published yesterday.

The Confederation of British Industry's CBI distributive trades survey reported the first positive reading of sales volumes since March 2008, and at 3 per cent it is the largest since January 2008.

Of the retailers surveyed, 44 per cent reported a rise in sales compared with the same period last year, while 41 per cent said they had fallen.

The figures were much higher than experts had predicted, but it is thought that the data may have been skewed by a boost over the Easter weekend.

Andy Clarke, chairman of the CBI distributive survey panel and chief operating officer of Asda, said: "The good turnout by shoppers over this year's later Easter may well have influenced the April retail figures, and while they mark a respite, they should not be taken as an indication of a high street revival."

The results come as Argos owner Home Retail posted a 24 per cent fall in full-year profit to £328 million.

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2009-04-29 12:39:25 © Moneyextra.com