LONDON: British retail sales growth rebounded in March after almost grinding to a halt in February, although optimism about sales in the coming month waned, an industry survey showed on Thursday.
The Confederation of British Industry's retail sales balance rose to +18 in March, slightly above economists' expectations for +15, from +1 in February, which was the weakest reading since November 2013.
Sales growth for chemists hit a near 17-year high this month, while furniture and carpet businesses also reported solid growth, the CBI said.
"Sales have recovered following a tough month in February for retailers, and we expect solid growth to continue through Easter," said Rain Newton-Smith, director of economics at the CBI.
Sales expectations for next month fell to +21 from +27 in March, the lowest level since February last year, though Newton-Smith was still relatively upbeat about the sector.
"The outlook ahead is looking bright, with household incomes buoyed by zero inflation and improving pay packets, which will continue to encourage spending."
Official data earlier on Thursday showed retail sales rose more strongly than expected, with sales increasing across all major retail sectors. (Reporting by Andy Bruce and David Milliken)
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