Fashion Industry Leads with 68.1% Increase in Like-for-Like Sales

  • 12 consecutive months of positive trading for retail sector
  • Fashion saw biggest growth with total like-for-like sales increasing by 68.1% in February
  • Total like-for-like sales increased by 49.6% year-on-year in February
  • Non-store like-for-like sales fell by 19.4%, biggest fall ever recorded by BDO
  • Lifestyle sector total like-for-like sales increased by 59.9% in January
  • Homeware total like-for-like sales rose by 5.4% in February
  • Cost-of-living crisis and higher costs may impact consumer spending

The retail sector has recorded its 12th consecutive month of positive trading, with total like-for-like sales increasing year-on-year by 49.6% in February from a base of -3.1% during the full lockdown last year. BDO’s High Street Sales Tracker (HSST) reported substantial increases across all categories compared to February 2021. Fashion led with a 68.1% increase, followed by lifestyle and homeware sectors with 59.9% and 5.4% growth respectively. However, non-store like-for-like sales fell by 19.4%, marking two consecutive months of decline. The cost-of-living crisis and higher costs may impact consumer spending in the future.

Factuality Level: 8
Factuality Justification: The article provides accurate information about the retail sector’s performance in February, citing data from BDO’s High Street Sales Tracker and including expert commentary on potential future challenges for retailers.
Noise Level: 7
Noise Justification: The article provides relevant information about the retail sector’s performance in February, but it lacks in-depth analysis and fails to explore the potential consequences of the cost-of-living crisis on consumers or the impact of higher costs for retailers. It also does not offer any actionable insights or solutions.
Financial Relevance: Yes
Financial Markets Impacted: Retail sector
Financial Rating Justification: The article discusses the retail sector’s performance in terms of sales growth and decline, which can impact companies within the industry and potentially affect financial markets due to changes in consumer spending patterns.
Presence Of Extreme Event: No
Nature Of Extreme Event: Other
Impact Rating Of The Extreme Event: No
Extreme Rating Justification: There is no extreme event mentioned in the article.

Reported publicly: www.retailsector.co.uk