Retailers still struggling on a dire High Street
A mixed set of company results compounded a dire outlook for Britain's retailers, already reeling from tax rises and spending cuts as the economy struggles out of recession.
Grim outlook: Most retailers have already slashed costs to the bone
Underlying figures look particularly grim.
A survey by the CBI showed retail sales rose unexpectedly in March, but growth over the last three months was the slowest since July 2010 as consumers opted to buy fewer goods at bargain prices.
CBI chief economic adviser Ian McCafferty warned that conditions on the High Street remained 'tough', adding that consumer demand will remain weak for months.
Most companies, having slashed costs to the bone, are just keeping their heads above water.
Flooring specialist Topps Tiles (up 0.5p to 70.5p) expects to post a 1.4% rise in second quarter sales, down from a 2.2% rise in the first three months.
Menswear retailer Moss Bros (flat at 27.5p) posted losses of £2.7m in the year to January 29. But that figure was down from a loss of £3.9m a year ago, with sales up 9% aided by the collapse of rivals Suits You and Speciality Retail Group.
Domino's Pizza (down 18.8p to 427.2p) posted mixed results. Sales at its UK division rose 5.5% in the first 13 weeks of 2011 but sales at its struggling Irish division slumped 10.5%. Chief executive Chris Moore warned of a 'very challenging' trading environment ahead.
Sofa retailer DFS also saw revenues soften in the post-Christmas period - usually its busiest time of year - with sales up just 1.8% in the half year to January 29.
Not all retailers are struggling. Upmarket supermarket Waitrose is ploughing £35m into a new regional distribution centre in Lancashire, which will create up to 600 new jobs.
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