LONDON (MNI) – UK retail sales volumes rose to their highest level
since April 2007 in July, driven higher by warm weather discounting
and World Cup, football, the Confederation of British Industry said
today.
The July sales volume balance spiked to 33 from -5 in June, while
the expectations balance for August shot up to 45 from 11 – the
largest monthly swing in expectations since September 1989.
The survey was conducted between June 23 and July 14, covering
the World Cup period which ended on July 11.
“Annual summer discounts and warm weather helped lift sales of
clothing while grocers and durable household goods retailers appear to
have benefited from the World Cup boost,” CBI Head of Econ Analysis
Lai Wah Co said.
Sales in July far exceeded retailers’ and analysts’ expectations,
with the MNI median for a balance of 3 on the sales balance outturn.
The CBI data, however, have been distorted by a reweighting to
the CBI sales series.
Co said that had the old weights been applied to the July
data, the sales balance outturn would have been 21 rather than 33 and
the expectations outturns would have been 33 rather than 45.
— London newsroom: 00 44 20 7862 7491; email: drobinso@marketnews.com
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