June retail sales fall less than expected
Retail sales fell less than expected in June as a strong showing from grocers offset weakness in clothing and household goods stores, a survey showed on Wednesday.
Inflation driven up by petrol and foodThe Confederation of British Industry said its distributive trades balance rose to -9 last month from -14 in May. Analysts polled by Reuters had expected a reading of -17.
Retailers expecting a slightly better performance in July with the expectations balance at -7.
"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," said Andy Clarke, chairman of the CBI survey panel and retail director of Asda.
The CBI survey follows official data last week showing retail sales rising by a record 3.5 percent in May. Analysts have been questioning the veracity of that report given most other anecdotal evidence suggests a slowdown on the high street.
The CBI's balance for clothing retailers fell to a record low of -57 in June. The durable household goods balance fell to -81 from -28. Only grocers, who put in their best performance since December 2005, and footwear and leather stores reported growth in sales.
The survey questioned 83 retailers and was conducted between May 29 and June 11.
(Reporting by Matt Falloon)
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