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This week, retailers such as Debenhams and Sports Direct have warned of tough trading conditions ahead.
"Despite tough trading conditions, operating profit was up 2.9% to £126.5m £122.9mm)," said the report.
Analysts are keenly watching how clothing market leader Marks & Spencer reacts to the tough trading environment.
Underlying sales were flat, however, as both retail and drug wholesaling divisions encountered tough trading conditions.
The company warned of tough trading conditions in Europe, and announced 1300 job cuts.
"It continues to be a tough trading climate for most publishers.
There was also tough trading in Germany through price pressures … and margin pressure in the Canaries".
It issued a profit warning citing tough trading conditions in the new and used-car markets.
On Tuesday the company reported tough trading conditions but was optimistic about the future outlook.
He adds: "Despite tough trading conditions in some of our core markets, our turnover has moved ahead strongly.
Retailers saw business rates rise 4.6% in 2011 and 5.6% in 2012 amid tough trading conditions on the high street.
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CEO of Professional Science Editing for Scientists @ prosciediting.com