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26th June 2008
Retailers report June slowdown
The high street slowdown continued in June, retailers have reported.
According to the Confederation of British Industry (CBI), 39 per cent of retailers reported that sales were down in the first half of the month when compared to the same period in 2007. Just 30 per cent said sales had increased.
The balance of nine per cent reporting a slowdown undermined expectations of a retail recovery but was smaller than the previous month's balance.
Weakening demand meant that 12 per cent more retailers reported they had cut orders to their wholesalers than said they had increased orders.
In particular, the study found that retailers of clothing, books, stationary, durable household goods, furniture and carpets reported they were continuing to struggle.
Andy Clarke, the new chairman of the CBI's distributive trades panel, commented: "High fuel prices and concerns about the economy have blunted consumer appetites and those retailers linked to the housing market are continuing to endure difficult conditions."
In addition, the report claimed that wholesalers reported flat sales after two months of strong growth. However, wholesalers said they predicted modest growth to return in July.
(c) 2008 Adfero Ltd.
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