Jul 28, 2010

Retail sales up at fastest rate in three yearsBy Christina FincherUK.Reuters.com

London, UK – Retail sales grew at their fastest pace in three years in July, and retailers were their most upbeat in six years about the prospects for August, a survey by the Confederation of British Industry showed on Tuesday.

The CBI’s monthly distributive trades survey’s reported sales balance jumped to +33 in July from -5 in June, beating analysts’ forecast for a reading of zero, as discounting, the World Cup soccer tournament and warm weather boosted sales.

It was also three times better than retailers themselves had expected. And stores expected sales growth to strengthen further next month, with an expected sales balance for August of +45 — the highest since June 2004.

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