David McCorquodale, UK Head of Retail at KPMG, comments on the latest Retail Sales figures from the Office for National Statistics:
“The cold weather certainly left its icy mark on March’s sales. Clothing retailers had prepared for the change in season and filled their shops with spring and summer collections only to be faced with biting winds and snow flurries, which froze sales of summer stock, making seasonal items such as shorts and sunglasses hard products to shift.
“It is no surprise therefore that the fashion and footwear retailers have suffered this set-back, perhaps alleviated by an increase in online shopping as consumers try to find something warm online, which is no longer available on the High Street.
“The weather will have deprived clothing retailers of the bumper Easter that they will have hoped for. They will hope the sun comes out in the second quarter and warms up sales of summer stock. We might see an uplift next quarter because sales will be against the soft comparables of last year, when the wet weather washed away sales in the second quarter.”
Notes to editors:
For press enquiries please contact
Zoe Sheppard, PR Manager at KPMG: +44 (0)117 905 4337
KPMG LLP, a UK limited liability partnership, is a subsidiary of KPMG Europe LLP and operates from 22 offices across the UK with over 11,000 partners and staff. The UK firm recorded a turnover of £1.7 billion in the year ended September 2011. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. We operate in 152 countries and have 145,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. KPMG International provides no client services.