British retail sales jump in February

LONDON, UK: Retail sales in Britain soared 2.1% in February, rebounding after a sharper-than-expected slump in January, official data showed on Thursday, 25 March 2010.

"Between January and February total sales volume increased by 2.1%, the largest rise since May 2008 when it was 2.9%," the Office for National Statistics (ONS) said in a statement.

Analyst forecasts had been for a month-on-month gain of 1.7%, according to Dow Jones Newswires.

Sales jumped 3.5% compared with February 2009, the ONS said. However, on this measure, analysts had forecast a larger increase of 4.2%.

The ONS said that sales sank by 3.0% in January from December, sharply revising its previous estimate of a 1.8% decline, as heavy snowfall and icy roads kept consumers away from shops.

Source: AFP


 
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