Retail sales boost share prices.
Kingfisher shares rise on retail sales news
Published: 14 April, 2010
LONDON: Encouraging retail sales figures boosted share prices of retailers yesterday. B&Q owner Kingfisher saw prices its shares up 3.25% to 240.00p.
The British Retail Consortium said activity in the high street last month was up 6.6% on March 2009, the sharpest rate of increase in four years. The timing of Easter had played a significant part in the annual rise.
On a like-for-like basis, which strips out the impact of retailers increasing their floor space, sales in March were up 4.4% on a year ago, compared to a fall of 1.2% in March 2009, when Easter was later and the economy was going through the toughest patch of the recession.
Helen Dickinson, head of retail at KPMG, said: "The timing of the majority of Easter spending has boosted this month's figures and makes year-on-year comparisons difficult. Without this uplift, a gloomier picture would have emerged. Concern about the future continues to weigh on consumers' minds and the outlook for spending remains uncertain."