U.K. Retailers See Weak Sales In August: CBI Survey

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Tuesday, the latest Distributive Trades Survey conducted by the Confederation of British Industry revealed that a net balance of 27% of retailers expect sales to remain below seasonal norms in August.

The survey found that 32% of respondents reported an annual increase in sales, while 47% said they were down. The resulting balance of minus 15% was better than the expected minus 21%. The latest decline in sales was similar to the more moderate rates seen in May and June and not as severe as the heavy falls seen between July 2008 and March 2009.

Andy Clarke, Chairman of the CBI Distributive Trades Panel and Chief Operating Officer of Asda said, "The recent sharp rise in unemployment will worry many consumers, and is likely to constrain sales growth in the months ahead."

The three month moving average of sales volumes, which smooths out monthly peaks and troughs, showed a negative balance of 16% and is expected to worsen in August.

Tuesday, the latest Distributive Trades Survey conducted by the Confederation of British Industry revealed that a net balance of 27% of retailers expect sales to remain below seasonal norms in August. (Market News Provided by RTTNews)