IMA: August retail fund sales hit post-Lehman low

Net retail sales for August plunged to their lowest level since October 2008, new IMA statistics show, dragged down by record outflows from the UK All Companies sector.

The statistics showed net retail sales totalled £23m in August, with UK All Companies proving the worst selling sector with net outflows of £401m for the month. Total net retail sales from January to August 2012 totalled £9.1bn, down from £15.8bn in the same period last year. "Retail sales in August were the lowest since October 2008, but it is only one month. Taking the first eight months of the year, net retail sales of £9.1bn are down on last year but still healthy," said Richard Saunders, chief executive of the IMA. The industry has not seen such lacklustre monthly sales figure...