Data released by the latest British Retail Consortium (BRC)-KPMG Retail Sales Monitor has shown retail sales in the UK have hit their highest point in the last three years.
UK retail sales values were up 2.7 per cent on a like-for-like basis from February 2012, it was revealed by the study.
On a total basis, sales were found to be up 4.4 per cent, which is against a 2.3 per cent rise in February 2012.
Commenting on the release of the data, director-general of the BRC Helen Dickinson stated it is "reassuring" to see the momentum built within the sector in January continued last month.
She said: "There are certainly highly-welcome signs here of gradual improvement and customers feeling a bit more positive. February saw growth across all parts of retailing."
Retailer Debenhams recently confirmed it expects profits to be down in 2013, which led to a 13 per cent drop in its share price yesterday (March 4th) as markets responded to the news.
Learn about the sterling and forex trading at City Index.
GAIN Capital UK Limited (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.
No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.