–Adds Detail To Version Transmitted At 10:00GMT
–UK CBI Distribrutive Trades: Aug Sales Vol Balance 35% vs 33% July
–UK CBI: Sep Expected Sales Balance 39% vs +45% Aug
–UK CBI: Aug Orders Volume Balance 37% vs +24% Jul
LONDON (MNI) – UK retail sales volumes and orders rose to their
highest levels since back in 2007 and 2004 respectively and exceeded
analyst expectations, according to the Confederation of British
Industry’s lastest Distributive Trades survey.
Retailers reported sales volumes came in at their highest level
since April 2007 and orders placed on suppliers rose to their highest
level since May 2004. The CBI survey also showed clothing sales hitting
the highest level on record.
The broad picture was one of rising optimism in the retail sector.
The quarterly business situation balance rose to 22 in the August
survey, up from -5 in May and its highest level since May 2004.
The CBI said the survey period coincided with high street summer
sales. This, the warm weather and the school holiday period all
contributed to the strong results.
“The summer sales, some warmer weather and the school holidays will
no doubt have helped, lifting sales of clothing and shoes and
encouraging households to invest in some home improvements,” said Lai
Wah Co, CBI Head of Economic Analysis.
The August clothing volume balance came in at 96, the highest in
the history of the survey, which dates back to 1988. The CBI’s quarterly
survey showed a marked improvement in employment in the retail sector,
with the balance coming in at -1, up from -20 in May and its highest
level since February 2004.
The CBI reworked its sectoral weightings in July, which raises
questions over the consistency over the data series. Although the CBI
reclassified the data for the July release it maintains that the overall
trend remains consistent throughout the series.
The survey was conducted between July 27 and August 11.
— London newsroom: 00 44 20 7862 7491; e-mail: wwilkes@marketnews.com
[TOPICS: M$B$$$,M$BDS$,M$$FI$,MT$$$$,MABDS$]]
