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oh dear: UK retail sales fall accelerates

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    oh dear: UK retail sales fall accelerates

    UK retail sales fall accelerates

    Many stores have introduced sales earlier this summer
    UK retail sales recorded their biggest year-on-year fall in 22 years during June, according to a CBI report.

    About 23% of retailers saw a year-on-year rise in sales, but 42% said sales were down, the monthly distributive trades survey found.

    This gives a balance figure of -19, compared with May's figure of -7 and April's figure of -14.

    The CBI said consumers had "tightened their belts" in the wake of a series of Bank of England interest rate rises.

    Football effect

    The CBI said that sales appeared weak when contrasted with strong sales in June last year, when retailers benefited from a spending spree related to the Euro 2004 international football championships.

    With the slowdown in the housing market and a rise in energy bills it is not surprising retailers are suffering, although some more than others

    "A year ago retailers were reaping the benefits of Euro 2004, which was credited with boosting sales of everything from football clothing to TVs and beer," said John Longworth, chair of the CBI's distributive trades panel.

    "But while this may explain part of the record year-on-year decline now registered, there is no doubt that the underlying picture is also bad."

    He said the Bank of England's five interest rate rises since November 2003 had initially been "slow to take effect" but that shoppers had cut back on spending since the start of the year.

    Food sales up

    Many stores had started their summer sales earlier this year in an effort to stimulate sales, Mr Longworth said.

    "With the slowdown in the housing market and a rise in energy bills it is not surprising retailers are suffering, although some more than others," he added.

    Firms selling furniture and carpets, hardware, china and DIY products were all hard hit as a result of the sluggish housing market.

    Footwear and leather sales also fell sharply, and clothing sales remained weak.

    However, grocery sales volumes "continued to increase strongly" while specialist food stores were the only other sector to report an increase in sales.

    #2
    Excellent news! The BoE will now be forced to reduce interest rates thus kick-starting the housing market again. Get back on the ride guys, we're off again

    Comment


      #3
      More petrol...more petrol....

      Comment


        #4
        The CBI

        The CBI said that sales appeared weak when contrasted with strong sales in June last year, when retailers benefited from a spending spree related to the Euro 2004 international football championships.
        Ha ha - what a lot of b0ll0cks!

        There are major footy championships every other year, and other sporting tournaments on all the time.

        The words clutching and straws spring to mind.

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          #5
          Re: The CBI

          Worst seven weeks in three years of trading.
          Today we have taken £800!!! For the week!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!>:

          £1200 short of target!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!>:

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            #6
            Re: The CBI

            Could it be that a lot of people are saving the pennies for their summer hols?

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              #7
              Re: The CBI

              At least it won't be in the run up to Chrismas that you give some poor bugger the sack this time.

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                #8
                Re: The CBI

                I bet they cancel Christmas this year on the grounds that it offends Muslims.:rolleyes

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                  #9
                  changes

                  > I bet they cancel Christmas this year on the grounds that it offends Muslims :rolleyes

                  Better pray they don't alter the deal further and switch to Muslim's calendar -- not an expert but I am pretty sure it ain't 2005 year in it :rolleyes

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                    #10
                    Re: changes

                    June is always quiet as people stay indoors planning their holidays in July. Then July and August are quiet because everybody is in holiday, then September is quiet because eveybody has spent all their money on a holiday. October and November are quiet because everybody is saving up Christmas, and then December is quiet because of recession caused by consumers not spending for 5 months. :\

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