LLS ARE RINGING FOR CYBER MONDAY
JOHN LEWIS said retail sales fell 1.2 per cent last week compared with the same week last year, as consumers continue to face severe pressure from high inflation and muted wage growth.
The department store group posted sales for the week ending 26 November of £98.7m, jumping 15.9 per cent on the previous week as Christmas draws nearer.
However, IHS Global Insight’s chief economist Howard Archer pointed out that John Lewis has four more stores trading than a year ago and that prices are significantly higher than a year ago.
He said the dip in sales from the retail bellwether “fuels suspicion” that retailers are having a very challenging Christmas, despite the office for National Statistic reporting a rise in retail sales last month.