UK Retail Sales Decline At Slower Pace: CBI

(RTTNews) - UK retailers reported a slower decline in sales in July, the latest Distributive Trades Survey results from the Confederation of British Industry showed Monday.

The retail sales balance rose to -26 percent in July from -54 percent in June. A net 26 percent of retailers expect sales to fall again in August.

About 18 percent of retailers judged sales to be 'poor' in July compared to -40 percent in June. However, August's sales are set to fall short of seasonal norms to a greater extent.

Online retail sales volumes decreased at a steep pace in the year to July with the index falling to -47 percent from zero percent in June. A net 48 percent forecast sales to decline next month.

"Retailers reported that the ongoing sales downturn lost steam in July, but a recovery still looks some way off as gloomy sentiment and elevated cost pressures weigh on activity," CBI Lead Economist Martin Sartorius said.