DATA SNAP: UK Retail Sales Surge in June on Jubilee - CBI

Date : 06/27/2012 @ 6:33AM
Source : Dow Jones News
Stock : Wal-Mart Stores, Inc. (WMT)
Quote : 76.15  0.13 (0.17%) @ 3:59PM

DATA SNAP: UK Retail Sales Surge in June on Jubilee - CBI

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By Alex Brittain

LONDON--U.K. retailers reported a sharp rise in sales in June, as the royal jubilee weekend lured shoppers onto the high street, the Confederation of British Industry said Wednesday.

The business group said 58% of retailers in its survey reported a rise in sales compared with a year ago, while 17% reported a fall.

The resulting balance of +42 is the highest since December 2010, the CBI said.

However, the survey suggested that sales in June were weak for the time of year.

"Weak consumer confidence and uncertainty over the economic outlook are still putting a brake on consumer spending," said Judith McKenna, chief operating officer of Wal-Mart Stores Inc. (WMT) U.K. supermarket unit Asda.

Write to Alex Brittain at alex.brittain@dowjones.com

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