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Financial News: UK Retailers Expect Sales To Fall In July:

UK Retailers Expect Sales To Fall In July: CBI

06/26/2024 - 07:37:00 (RTTNews)

(RTTNews) - UK retailers reported an unexpected fall in sales volume in June and forecast another decline next month, according to the latest Distributive Trades survey results published by the Confederation of British Industry.

A net 24 of retailers said sales declined in the year to June, reversing a moderate recovery in May. The retail sales balance was forecast to fall to +1 percent from +8 percent in May.

About 9 percent of respondents said the sales volume will fall in July. Further, around 29 percent said sales volumes are expected to remain below seasonal norms in July.

The survey showed that internet sales declined at an accelerated pace in June, with the balance falling to -45 percent from -6 percent in the previous month. Orders placed upon suppliers decreased moderately in June and retailers expect another cutback in orders next month.

"Last month's nascent recovery in sales proved to be short-lived, with retailers reporting a faster-than-anticipated decline this month," CBI Interim Deputy Chief Economist Alpesh Paleja said.

"Unseasonably cold weather in June may have played a role, but it's notable that internet retail sales fell sharply in our survey, too," Paleja added.

Paleja said households still struggle with the legacies of the cost-of-living crisis with the level of prices still historically high in some areas.

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