BERLIN (Thomson Financial) - German Retail Association HDE said this year's summer sales action was not a success, with the retail industry unable to generate revenues that would meet its costs.
'We are certainly not satisfied overall,' HDE spokesman Hubertus Pellengahr told reporters Saturday at the end of the sales period covering the last week of July and the first week of August.
Under German laws, retailers are allowed to hold two sales actions within one year, including a winter sales period taking place in the last week of January and the first week of February.
Pellengahr said HDE expects there will be an improvement in consumer sentiment in the second half of this year, particularly in the fourth quarter. marilyn.gerlach@thomsonreuters.com dpa/mog/ak COPYRIGHT Copyright Thomson Financial News Limited 2008. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.