01/04/2003

Retailers anxious as high street spending dips

Retailers have suffered the first significant year-on-year fall in sales volumes for four years, according to the CBI's Monthly Distributive Trades Survey published today.

Had retailers been expected the figures for March to show an improvement on the February performance, hopes were dashed for the sixth survey in a row.

Only 28% of firms said sales were up on March last year, while 41% said they were down. The difference between the two gives a balance of minus 13%, the first significant fall since January 1999 (-9) and the lowest balance since July 1992 (-15).

Stocks have been run down to their lowest level in nearly two years as retailers cut their orders with suppliers for the third successive survey.

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