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Festive retail performance unwrapped
Despite predictions to the contrary, the festive season was successful for retailers across the UK, with more than three quarters reporting an increase in like-for-like sales over the Christmas period for 2006, according to a review of retail Christmas trading updates from financial and business adviser, Grant Thornton.
For the second year running, department stores were the highest performing retailers, with an average like-for-like increase of 6.5 per cent, followed by entertainment and food and drink retailers both reporting like-for-like increases of five per cent. At the other end of the spectrum, general and clothing/footwear sectors experienced decreases in like-for-like sales with the poorest performances from Next and Jessops, both down 6.9 per cent.
Head of Grant Thornton's retail services team, David Bush, said: “There is a stark contrast between those retailers who got it right this Christmas and those who got it wrong. Much of this success can be attributed to careful planning, which ensured that stock levels were balanced and that profit margins were maximised to ensure the bulk of promotional discounting occurred after 25 December.”
