Retail drags FTSE down

Dismal results and forecasts for some of Britain’s biggest stores have confirmed the British Retail Consortium’s figures, showing consumers continue to cut back on spending with year-on-year growth in total sales values slowing from 1.7% in July to 1.4% in August. Sainsbury has tumbled 24.25 (6.61%) to 342.75p, while Kingfisher, a major home improvement retailer shed 7.4 (5.38%) to 130.1p. Morrison Supermarkets has fallen 16.50 (6.11%) to 342.75p, despite bucking the trend of other retailers, as it announced a rise in half year profits. Pre-tax profits before one-offs, surged 19% to £...