One of the first Christmas trading statements from a clothing and footwear chain suggests that High Street spending might not have slowed as much as feared.

Alexon Group, which includes Alexon women's clothes and Dolcis shoes, said that comparable sales for the six weeks ending on 4 January were 2% higher than a year ago.

But the sales increase had slowed compared to last time, when the increase was 15%.

Even so, the statement will provide some cheer after figures from the employers' organisation the CBI suggested that trading up to the week before Christmas had been much poorer than expected.

Clearing stocks

Many retailers began their sales early in order to tempt shoppers through the doors.

It will not become clear if the tactic worked until more companies, particularly the bigger High Street names, release their sales figures.

They will be releasing their Christmas trading statements over the next couple of weeks.

Alexon said that slower sales in its Bay Trading and Style labels - last year's top performers - were compensated by stronger trading in the Dolcis and Alexon labels.

The company said its stocks had been clearing well in line with its plan.

The group said it expected to increase its operating profits by nearly a quarter.

Shortly after the London stock market opened, Alexon's shares were up 4% at 202.5 pence.