Proactive Investors - Retail sales have hit their lowest level since the February 2021 Covid lockdown, according to the Office for National Statistics (ONS).
The ONS said retail sales fell by 0.3% in October, following a fall of 1.1% in September (revised from a fall of 0.9%), confounding expectations for a rise of 0.3%.
Retail sales fell 0.3% in October 2023, following a fall of 1.1% in September.When we look more broadly, sales fell 1.1% in the three months to October when compared with the previous three months.
➡️ https://t.co/kdVkeib2AC pic.twitter.com/Lr0o9RIodG
— Office for National Statistics (ONS) (@ONS) November 17, 2023
Panmure Gordon's Simon French said it was a "tough set" of data with a challenging start to the fourth quarter with evidence of delayed seasonal spending, unseasonally warm weather & continued volume/value divergence.
For the three months to October, sales declined 1.1%, the ONS said..
Fuel sales fell by 2.0% in October which the ONS said may reflect increasing fuel prices while food sales fell by 0.3% in October from being unchanged in September.
Tough set of U.K. retail sales data for October. -0.3% MoM, following a revised -1.1% in September. Challenging start to Q4 with evidence of delayed seasonal spending, unseasonally warm weather & continued volume/value divergence. That latter spread should ease as producer input…— Simon French (@shjfrench) November 17, 2023
Non-food stores sales volumes fell by 0.2% in October, following a 2.1% fall in September; retailers suggested that cost of living, reduced footfall and the wet weather in the second half of the month contributed to the fall, the ONS said.
Non-store retailing (predominantly online retailers) sales volumes rose by 0.8% in October following a fall of 2.4% in September.
Marstons names new CEO; trading in line
Marston’s PLC (LON:MARS) has named a new chief executive after the present incumbent Andrew Andrea agreed with the board that he will step down after more than 20 years at the firm.
Andrea will be replaced by Justin Platt who will join with effect from 10 January 2024.
William Rucker, chair, will support the management transition in the short interim period with the executive team reporting directly into him.
Platt has over 30 years' experience in hospitality and consumer-facing businesses, having spent the last 12 years at Merlin Entertainments; most recently as Chief Strategy Officer and prior to that in a variety of operational leadership roles.
The pub operator said current trading remains in line with management expectations
Andrea said: “This is the right time for me to step down and I am confident the business is in great shape with strong future potential.”