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Financial News: UK Retail Sales Decline Sharply In October: CBI

UK Retail Sales Decline Sharply In October: CBI

10/26/2017 - 06:19:00 (RTTNews)

(RTTNews) - British retailers reported a sharp contraction in sales, disappointing expectations for a solid expansion, the Distributive Trades Survey from the Confederation of British Industry showed Thursday.

A net balance of -36 percent said sales declined in October from a year ago, the biggest since March 2009.

Similarly, a net -43 percent placed fewer orders with suppliers, which was also the fastest decrease since March 2009.

Looking ahead to the next month, retailers expect sales volumes to stabilize in the year to November, but orders are expected to see a further decline, albeit at a slower pace. A balance of 3 percent expects sales volume to increase next month.

"It's clear retailers are beginning to really feel the pinch from higher inflation," Rain Newton-Smith, CBI chief economist, said.

"While retail sales can be volatile from month to month, the steep drop in sales in October echoes other recent data pointing to a marked softening in consumer demand," the economist added.

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