U.K. Retail Sales Remain Weak in June says CBI

U.K. retail sales fell for the second month running in the year to June, the U.K.'s Confederation of British Industry reported in its latest Distributive Trades survey. 

The decline, broadly in line with retailers' expectations, was no worse than in May however, and less severe than falls recorded between July 2008 and March 2009, reports the survey.

Supermarkets continued to see strong growth on a year ago, and furniture and carpet retailers recorded their best figure for 18 months. There were marked declines in clothing, household goods, hardware, china and DIY. After two months of strong growth, sales in footwear and leather shops were flat.

In the survey, 31 percent of retailers said year-on-year sales volumes rose in the first two weeks of June, and 48 percent said they were down, giving a balance of -17 percent. Retailers expect sales to fall slightly faster in July.

Sales for the time of year were said to be poor by a net 15 percent of retailers, though this was less negative than in May when there was a balance of -36 percent.

The survey's three-month moving average, which smoothes out monthly peaks and troughs, remained negative—with a balance of -10 percent. But, this was the least negative for over a year.