DATA SNAP: UK CBI June Retail Sales Volumes Highest Since April 2011
First Published Tuesday, 29th May 2012 10:40 am - © 2012 Dow Jones
By Ainsley Thomson and Nicholas Winning
Of Dow Jones Newswires
LONDON -(Dow Jones)- U.K. retail sales rose strongly in May, recording their strongest annual performance since April last year, a survey showed Tuesday.
The Confederation for British Industry's quarterly distributive trades survey showed that 43% of retailers reported an increase in the volume of their sales in May compared to a year ago, while 23% said they had seen a fall.
The resulting balance of +21 is the highest since April 2011 and compares with a balance of -6 in April.
Sentiment regarding the business situation for the next three months was +3, the first positive reading since November last year.
The CBI said a balance of +25 of retailers questioned expected sales to increase in June.
But the CBI warned that sales are still below average for the time of year.
"The combination of high unemployment, slow wage growth and weak consumer confidence means that the retail sector is likely to remain under pressure in the short term," said Judith McKenna, chair of the CBI's distributive trades panel.
The survey of 128 firms was conducted between April 26 and May 16.
-By Ainsley Thomson and Nicholas Winning; Dow Jones Newswires; 44 20 7842 9318; firstname.lastname@example.org