Retail sales are 'extremely depressed'

Retail Ireland have said that the retail sales figures published by the Central Statistics Office today show that the sector is "extremely depressed".

Director of Retail Ireland Torlach Denihan said: “The retail sales figures published today are disappointing and show that the sector remains extremely depressed.

"Core retail sales volumes, excluding cars, fuel and bars, were down -5.5% in July by comparison with July 2008.

"More significantly the value of sales in July was down -11%, showing how prices have been cut across the board by retailers.

"Sales of big ticket items were in deep negative territory in July - electrical goods (-19.5%), furniture (-36.1%) and hardware (-20.6%). There has been a marginal improvement in department store sales volumes of 0.2%, which is a positive development, but again the value of sales fell by -6.5%.Food sales volumes are down -4% and, reflecting falling prices, the value of sales is down -6.7%.

"Retail Ireland welcomes the statement by the Minister for Finance that there are not going to be tax increases in the Budget."

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