U.K. retailers expect sales to pick up in July after remaining almost stable in June, latest monthly Distributive Trades Survey from the Confederation of British Industry showed Tuesday.
About 25 percent of firms reported that sales volumes were up on a year earlier, and 24 percent said they were down, giving a balance of 1 percent. This was below expectations of 10 percent.
"Despite an improvement in British weather conditions, retailers will be disappointed they didn't see the return to growth they expected in June - but the forecast is looking good for July when it's hoped retail sales will return to form," Barry Williams, Chair of the CBI Distributive Trades Survey Panel, said.
Sales volumes are expected to pick up in the year to July, with 32 percent expecting an increase versus 19 percent predicting a decrease.
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