UK Retail Sales Drop to Lowest Level Since March

Posted 30 November 2006 @ 12:23 pm EET     Print     Reprint     E-Mail     Comments

LONDON (Reuters) - British retail sales volumes fell for a second month running in November and to its weakest level since March, a survey showed on Thursday.

The Confederation of British Industry's distributive trades survey's reported sales balance fell to -9 in November from -4 in October. Analysts had forecast a pick-up to +5.

"The survey shows a negative balance for retail sales growth ... which is clearly disappointing," said John Longworth, executive director of Asda and chairman of the survey panel.

"But retailers are still looking forward to healthy sales growth during the busy Christmas period," he said.

The quarterly business situation balance fell to -1 from +10 in August, while the quarterly reported selling prices edged up to +13, the highest reading in more than two years.

The CBI survey was conducted between October 31 and November 15.