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Christmas sales slump for catalogue giant
22/01/2010
There was little post Christmas cheer, as analysts from one of
the blue chip investment banks (Morgan Stanley) dissected the sales
from major high street chains during the Christmas sales period
(Nov - Dec).
Dark clouds are also predicted to form for the upcoming year, with
VAT returning to 17.5% and little promise of a major economic recover,
and some belief in a double dip recession.
Morgan Stanley analyzed the two jewels in the UK high street, M&S
and the Argos catalogue owners Home Retail. The success of both
brands in 2010, will depend on whether interest rates will be increased
to ward off the possibility of hyper inflation.
The government department responsible for reporting and publishing
UK wide statistics, showed that growth was up just 0.3% in 2009
(from 2008), but had been expected to be up over one percent. The
news was met with disappointment from economists.
Catalogue giant Argos posted an even worse growth rate of just
0.1%. John Lewis were one of the victors, with sales up by eleven
percent, the major supermarkets also posted improved sales figures.
A lack of discounting, pre-Christmas, is noted as one of the major
reasons why sales failed to improve much upon 2008.
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