Cyprus retail sales up 4.7% y/y in November

Retail sales in Cyprus rose by 4.7% in volume terms and 7.8% by value in September compared with the same month of 2006, according to the latest figures from the Statistical Service, Cystat.

This was rather slower than in June, July and August, when volume growth was above or close to 10%.

Nevertheless, retail sales have risen strongly in the year to date, rising by 7.5% in January-September 2007, compared with January-September 2006.

Pharmaceuticals, cosmetics and toiletries continue to be the star performers, rising by 16.0% year on year in the first nine months.

Sales growth has been strong in other categories, with the exception of second hand stores (of which there are only a tiny number in Cyprus) and specialised food stores.

It is not clear which specialised food retailers are suffering.

The profit forecast in the Financial Mirror’s CSE News pages shows a small increase in profits for the Zorbas bakery chain, one of the largest specialist food companies, so perhaps it is the smaller outlets that are suffering.

 

Fiona Mullen