High street retailers enjoyed their most lucrative new year sales period since 2004, a new survey claims.
The Confederation of British Industry (CBI) says that a balance of 30 per cent of firms revealed sales volumes were up compared to last year.
The trade association's monthly report shows that 51 per cent of retailers said sales had increased against January 2006, with about a fifth claiming they had fallen.
Today's results far exceed firms' expectations of a four per cent positive balance.
John Longworth, executive director at Asda and chairman of the survey's panel, said: "The pre-Christmas growth in year-on-year sales volumes has carried convincingly through into the January sales. It was a much better story than retailers had expected.
"December's strong showing was driven by some very heavy discounting and it is likely January will be the same."
But Mr Longworth explained that retailers were yet to see the "full impact" of a surprise interest rate rise earlier this month.
On a sector-by-sector basis grocery stores enjoyed the highest balance of sales volumes, while healthy growth was also experienced in the footwear and leather goods, durable household goods and furniture and carpets markets.
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