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- Pace of decline of UK retail sales volumes slows slightly less than expected in June - CBI
Pace of decline of UK retail sales volumes slows slightly less than expected in June - CBI
The
Confederation of British Industry (CBI) reported on Thursday its latest survey
of retailers showed retail sales volume balance stood at -37 in the year to
June, up from -50 in May, which marked another steep drop in sales. However, stronger
growth for grocers and stable volumes in the specialist food and drink sector
ensured a slower pace of decline than in May.
Economist had
forecast the reading to increase to -34.
Retail sales
volumes are expected to fall at a slightly faster pace in the year to July (-48),
mostly reflecting slower growth for grocers and a decline in sales for
specialist food and drink retailers.
The report also
revealed that orders placed on suppliers continued to decrease in the year to
June, albeit at a slower rate than last month, (-42 compared to -56 in May) and are expected
to fall at broadly a similar rate in the year to July (-44).
Rain
Newton-Smith, CBI Chief Economist, noted: “With high street shops, department
stores and shopping centres re-opening across England last week amid some
scenes of long queues, you’d be forgiven for thinking retailers’ difficulties
are coming to an end. But the health of the retail sector remains in the
balance.”
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