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UK: Retail sales fall as double dip recession hits consumer confidence
UK retail sales fell the most in more than a year last month as poor weather and consumer caution on spending curbed demand at stores.
Sales at stores open at least 12 months, measured by value, declined 3.3 percent from a year earlier, the London-based British Retail Consortium has reported. That’s the biggest monthly drop since March 2011. Including stores open less than 12 months, sales decreased 1 percent.
The sales slump was partly due to the weather. April registered the largest amount of rainfall for the month since records began in 1910, according to the U.K. Met Office. Sales a year earlier were boosted by the wedding of Prince William and Kate Middleton.
The BRC said that even taking these factors into account, the figures were "disappointing."
Source: bloomberg.com
UK retail sales fell the most in more than a year last month as poor weather and consumer caution on spending curbed demand at stores.
Sales at stores open at least 12 months, measured by value, declined 3.3 percent from a year earlier, the London-based British Retail Consortium has reported. That’s the biggest monthly drop since March 2011. Including stores open less than 12 months, sales decreased 1 percent.
The sales slump was partly due to the weather. April registered the largest amount of rainfall for the month since records began in 1910, according to the U.K. Met Office. Sales a year earlier were boosted by the wedding of Prince William and Kate Middleton.
The BRC said that even taking these factors into account, the figures were "disappointing."
Source: bloomberg.com
Publication date: 5/9/2012
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