ANALYSTS warn successive declines in sales at John Lewis group indicate a worrying a fall in consumer confidence.
The employee-owned group yesterday said sales at its department stores fell 0.5 per cent year-on-year in the week to October 4 – although substantially less than the 8.3 per cent and 5.6 per cent seen in the previous two weeks.
Chief UK and Europe
an economist at Global Insight Howard Archer said while the group's latest sales suggest resilience, "nevertheless, the marked overall weakening in John Lewis sales over the past three weeks indicates that the heightened turmoil in the financial sector and markets is significantly hitting already brittle consumer confidence and spending".
John Lewis said cold weather boosted sales as shoppers stocked up on warmer clothes. The group saw a 200 per cent increase in sales of hot water bottles.
Sheffield performed best of the group's established branches, with Edinburgh close behind. The Sheffield store notched up a year-on-year weekly sales increase of 0.6 per cent – up significantly from previous weeks' drops of 8.7 per cent and 4.4 per cent.
John Lewis said the festive build-up also helped, with Christmas shops opening in stores during the week.
Regional sales director Nat Wakely said the current week is already showing a strong performance.
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