–Adds Detail To Version Transmitted At 1000 GMT
–UK CBI: Oct Reported Sales Balance -11% Vs -15% In Sep
–UK CBI: Nov Expected Sales Balance 4% Vs -14% For Oct
–UK CBI: Oct Orders Volume Balance 1% Vs -16% In Sep
LONDON (MNI) – High street sales volumes remained at low levels in
October, but were less weak than analysts had expected.
The CBI’s October Distributive Trades reported sales balance rose
to -11% from -15% in September, bettering analysts’ median forecast was
for an unchanged outturn.
Sales for the time of year in October fell to -34% from -30% in
September, the lowest outturn since May 2009.
The three month sales volume moving average fell to -13% from -11%.
The broad picture is one of retailers failing to escape from the
summer sales trough. The sales volume balance turned negative in July,
fell to -14 in August, then -15 in September and has only edged off
that September low.
“Family budgets continue to be stretched because of a combination
of high inflation and wage growth and soaring unemployment so consumer
confidence is severely dented” Judith McKenna, chair of the CBI’s
Distributive Trades Panel and ASDA chief operating officer, said.
The sectoral detail showed footwear sales hit a record low in
October. Footwear and leather sales volumes showed a reported balance of
-98, down from -15 in September and within touching distance of a rock
bottom balance.
Another very weak sectoral performance came in hardware and DIY,
which posted -75 in October following a -20 reading in the prior month.
Furniture and carpet sales picked up, with a 34 balance after a -59
outturn in September.
The October 2011 CBI Distributive Trades Survey was conducted
between 28 September and 19 October and based on responses from 78
retailers.
–London bureau: 44 20 7862 7491; email: ukeditorial@marketnews.com
[TOPICS: MABDS$,M$B$$$]
