CBI: UK Retailers See Flat August – In Line Expectations

LONDON (MNI) – UK retail sales were flat in August compared with a
year ago, broadly in line with retailers’ exp[ectations, the CBI
reported today.

Retailers said their business environment had deteriorated
markedly, with the quarterly situation reading now at -17 compared with
+3 in May.

The reported sales volume balance for August fell to a balance of
-3 from +11 in July, well below what they had expected when surveyed in
July.

Judith McKenna, chair of the CBI’s Distributive Trades Panel and
Asda CEO, said, “although this summer’s events created a mood of
celebration across the nation, these figures suggest that positivity did
not not extend to the High Street”.

“Although retailers expect the overall business situation to
worsen in the coming three months, they still expect sales to rise year
on year in September,” McKenna said.

The CBI said that the survey was conducted between July 26 and Aug
15.

–London bureau: 44 20 7862 7492; email: wwilkes@marketnews.com

[TOPICS: MABDS$,M$B$$$]