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Retailers enjoy increase in trade over last year

There was good news for retailers yesterday as Government released figures that showed business at beginning of the year was doing well and was up on last year.

The Retail Sales Index for February was released yesterday and showed that in real terms the volume of sales had gone up by 4.9 percent ? the same as in January.

Last year retailers faced a mixed year of sales with volumes fluctuating from minus1.6 to 8.8 on separate months and averaging out during the year at 1.92.

The figures show the total value of retail sales in February increased by 8.2 percent over the same period last year, but with inflation running at 3.2 percent, the real value of the increase came down to 4.9 percent, according to the report compiled and issued by the Statistics Department.

The total turnover in the retail sector during the month was $40.5 million, $3.1 million more than in the same month the year before.

The gross sales in all areas showed increases in February with building materials and hardware outlets, apparel and liquor stores all gaining more than 10 percent compared to the like period a year earlier.

Building and hardware stores continued to show strong growth with an increase in sales of 16.7 percent.

Special promotion sales and the start-up of new construction projects fuelled demand for materials and building supplies.

Gross receipts from food stores increased 5.5 percent compared to the previous year and the movement was partly due to an extra Sunday for grocery shopping during the month.

Liquor store receipts surge by 10.1 percent during February, while the ?all other store type? category rose by 9.8 percent after being buoyed by strong consumer demand for furniture and other household goods.

Sales of appliances and electronics climbed by 6 percent and pharmaceutical and personal care products rose 6.3 percent.

Marine supplies also showed a substantial gain in gross revenue.

Gross revenue sales for the motor vehicle sector registered a growth of 6.7 percent over the same period last year.

Sales related to continued vehicle upgrades since Hurricane Fabian as well as new purchases contributing to the overall performance of this sector in February, said the report.

In the service station sector petrol sales grew modestly by 2.8 percent year-over-year and early spring arrivals and carry-over from strong sales in January helped push the apparel stores to 10.8 percent.

Residents returning from overseas business and vacation trips declared a total value of $2.61 million on purchases of clothing, footwear and household spending.

This was 26.1 percent above the $2.07 million spent during the same period a year earlier.

The number of passengers declaring purchases was 14 percent higher than when compared with the same amount a year earlier.